EXHIBIT 12.1 QWEST COMMUNICATIONS INTERNATIONAL INC. CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES (AMOUNTS IN THOUSANDS, EXCEPT FOR RATIOS) (UNAUDITED) Three Months Ended March 31, Year Ended December 31, -------------------------- ----------------------------------------------------------- 1997 1996 1996 1995 1994 1993 1992 -------------------------- ----------------------------------------------------------- Income (loss) before income taxes $ (7,234) $ (15,289) $ (10,201) $ (38,467) $ (10,685) $111,711 $ (8,562) Add: Interest on debt, net of capitalized interest 984 1,351 6,827 4,248 219 3,319 2,779 Interest expense portion of rental expense 429 370 1,666 1,548 1,049 1,168 825 Amortization of financing costs 47 62 234 57 - - - -------------------------- ----------------------------------------------------------- Earnings available for fixed charges $ (5,774) $ (13,506) $ (1,474) $ (32,614) $ (9,417) $116,198 $ (4,958) ========================== =========================================================== Fixed Charges: Interest on debt $ 2,696 $ 1,881 $ 9,192 $ 6,104 $ 502 $ 3,319 $ 2,779 Amortization of financing costs 47 62 234 57 - - - Interest expense portion of rental expense 429 370 1,666 1,548 1,049 1,168 825 Preferred stock dividend - - - - - 15,981 5,912 -------------------------- ----------------------------------------------------------- Total fixed charges $ 3,172 $ 2,313 $ 11,092 $ 7,709 $ 1,551 $ 20,468 $ 9,516 ========================== =========================================================== Ratio of earnings to fixed charges - - - - - 5.68 - Deficiency $ (8,946) $ (15,819) $ (12,566) $ (40,323) $ (10,968) $ - $(14,474)