EXHIBIT 12.1 QWEST COMMUNICATIONS INTERNATIONAL INC. CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES (Amounts in thousands, except for ratios) (unaudited) Year Ended December 31, --------------------------------------------------------------- 1997 1996 1995 1994 1993 --------------------------------------------------------------- Income (loss) before income taxes $23,580 $ (10,201) $ (38,467) $ (10,685) $111,711 Add: Interest on debt, net of capitalized interest 18,895 6,827 4,248 219 3,319 Interest expense portion of rental expense 2,084 1,666 1,548 1,049 1,168 Other - 234 57 - - Earnings available for fixed charges $44,559 $ (1,474) $ (32,614) $ (9,417) $116,198 =============================================================== Fixed Charges: Interest on debt $36,640 $ 9,426 $ 6,161 $ 502 $ 3,319 Interest expense portion of rental expense 2,084 1,666 1,548 1,049 1,168 Preferred stock dividend - - - - 15,981 --------------------------------------------------------------- Total fixed charges $38,724 $ 11,092 $ 7,709 $ 1,551 $ 20,468 ================================================================ Ratio of earnings to fixed charges 1.15 - - - 5.68 Deficiency of earnings to fixed charges - $ (12,566) $ (40,323) $ (10,968) - 12.1-1