EXHIBIT 12
TELEPHONE AND DATA SYSTEMS, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
FOR THE YEAR ENDED DECEMBER 31, 1995
(DOLLARS IN THOUSANDS, EXCEPT RATIO AMOUNTS)
EARNINGS:
Income from Continuing Operations before Income Taxes.......................... $ 185,007
Add (Deduct):
Minority Share of Losses................................................... (2,955)
Earnings on Equity Method.................................................. (43,188)
Distributions from Minority Subsidiaries................................... 9,062
Amortization of Non-Telephone Capitalized Interest......................... 11
Minority share of income in majority-owned subsidiaries that have fixed
charges................................................................... 20,791
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168,728
Add fixed charges:
Consolidated interest expense.............................................. 50,492
Interest Portion (1/3) of Consolidated Rent Expense........................ 6,431
Amortization of debt expense and discount on indebtedness.................. 357
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$ 226,008
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FIXED CHARGES:
Consolidated interest expense.................................................. $ 50,492
Capitalized interest........................................................... 13,249
Interest Portion (1/3) of Consolidated Rent Expense............................ 6,431
Amortization of debt expense and discount on indebtedness...................... 357
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$ 70,529
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RATIO OF EARNINGS TO FIXED CHARGES............................................... 3.20
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Tax-Effected Redeemable Preferred Dividends.................................... $ 1,920
Fixed Charges.................................................................. 70,529
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Fixed Charges and Redeemable Preferred Dividends............................. $ 72,449
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RATIO OF EARNINGS TO FIXED CHARGES AND REDEEMABLE PREFERRED DIVIDENDS............ 3.12
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Tax-Effected Preferred Dividends............................................... $ 4,464
Fixed Charges.................................................................. 70,529
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Fixed Charges and Preferred Dividends........................................ $ 74,993
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RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS....................... 3.01
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