<Page> Exhibit 12.3 UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES <Table> <Caption> (Restated) Year Ended December 31, 2001 ---------------------------- (Dollars in thousands) EARNINGS Loss before income taxes $ 331,337 Add (Deduct): Earnings on equity method (41,934) Distributions from minority subsidiaries 14,813 Minority interest in income of majority-owned subsidiaries that do not have fixed charges (10,429) --------------------------- $ 293,787 Add fixed charges: Consolidated interest expense $ 34,382 Deferred debt expense 782 Interest portion (1/3) of consolidated rent expense 11,808 --------------------------- $ 340,759 =========================== FIXED CHARGES Consolidated interest expense $ 34,382 Deferred debt expense 782 Interest portion (1/3) of consolidated rent expense 11,808 --------------------------- $ 46,972 =========================== RATIO OF EARNINGS TO FIXED CHARGES 7.25 =========================== Tax-effected preferred dividends $ 124 Fixed charges 46,972 --------------------------- Fixed charges and preferred dividends $ 47,096 =========================== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS 7.24 =========================== </Table>