Exhibit 12 ---------- Ratio of Earnings to Fixed Charges American Tower Corporation The following table reflects the computation of the ratio of earnings to fixed charges for the periods presented. Year Ended December 31, Computation of Earnings: 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- Loss Before Income Taxes and Extraordinary Losses............... $(2,049) $(42,441) $(49,141) $(249,946) $(566,881) Add: Interest Expense...................... 3,040 23,229 27,492 157,886 283,451 Operating Leases...................... 633 3,245 6,963 29,718 54,208 ---------- ---------- ---------- ---------- ---------- Earnings as Adjusted.................. 1,624 (15,967) (14,686) (62,342) (229,222) Computation of Fixed Charges: Interest Expense...................... 3,040 23,229 27,492 157,886 283,451 Interest Capitalized.................. 458 1,403 3,379 11,365 15,321 Operating Leases...................... 633 3,245 6,963 29,718 54,208 ---------- ---------- ---------- ---------- ---------- Fixed Charges......................... 4,131 27,877 37,834 198,969 352,980 Ratio of Earnings to Fixed Charges.... .39 -- -- -- -- Deficiency in Earnings Required to Cover Fixed Charges................ $2,507 $43,844 $52,520 $261,311 $ 582,202 (1) Interest expense includes amortization of deferred financing costs for the years ended December 31, 1997, 1998, 1999, 2000 and 2001. Interest expense also includes an amount related to our note receivable from TV Azteca for the years ended December 31, 2001 and 2000 and redeemable preferred stock dividends for the year ended December 31, 1998. (2) For purposes of this calculation, "earnings" consist of loss before income taxes, extraordinary losses and fixed charges (excluding interest capitalized). "Fixed Charges" consist of interest expensed and capitalized, amortization of debt discount and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon (30%).