(12)
Exhibit 12
to
Form 10-K for 1996
CINCINNATI BELL INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Earnings
(a) Income (loss) before income taxes,
extraordinary charges and cumulative
effect of change in accounting principle $ 284.7 $ (19.6) $ 117.6 $ (55.1) $ 55.9
(b) Adjustment for undistributed (income)
losses of partnerships (3.4) (4.5) 1.3 1.3 (0.3)
(c) Interest expense 33.9 52.8 49.5 45.8 46.2
(d) One-third of rental expense 27.6 23.1 23.9 23.6 22.5
-------- -------- -------- -------- --------
Total Earnings (1) $ 342.8 $ 51.8 $ 192.3 $ 15.6 $ 124.3
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
Fixed Charges
(a) Interest expense $ 33.9 $ 52.8 $ 49.5 $ 45.8 $ 46.2
(b) One-third of rental expense 27.6 23.1 23.9 23.6 22.5
(c) Preferred dividends - - - 3.5 6.6
-------- -------- -------- -------- --------
$ 61.5 $ 75.9 $ 73.4 $ 72.9 $ 75.3
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
Ratio of earnings to combined fixed charges
and preferred stock dividends 5.57 0.68 2.62 0.21 1.65
Coverage deficiency - $ 24.1 - $ 57.3 -
(1) Results for 1996 were increased by $27.1 million of special items,
primarily pension settlement gains. Results for 1995 were reduced by
$197.0 million of special items, primarily as a result of
restructuring charges and a writedown of goodwill. Results for 1993
were reduced by $131.5 million of special items, primarily because of
restructuring charges.