EXHIBIT 12
LEVEL 3 COMMUNICATIONS, INC.
Calculation of Ratios of Earnings to Fixed Charges
($ in millions, except for ratios)
Three Months
Ended March 31,
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2000 1999
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Earnings (Loss) from Continuing Operations Before Taxes $ (225) $ (126)
Interest on Debt, net of Capitalized Interest 50 53
Interest Expense on Portion of Rental Expense 4 3
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Earnings Available for Fixed Charges $ (171) $ (70)
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Interest on Debt $ 117 $ 64
MFS Preferred Dividends
Interest Expense Portion of Rental Expense 4 3
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Total Fixed Charges $ 121 $ 67
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Ratio of Earnings to Fixed Charges - -
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Deficiency $ (292) $ (137)
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Fiscal Year Ended
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1999 1998 1997 1996 1995
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Earnings (Loss) from Continuing Operations Before Taxes $ (580) $ (22) $ 70 $ 116 $ (4)
Interest on Debt, net of Capitalized Interest 174 133 15 33 52
Interest Expense on Portion of Rental Expense 13 6 - 1 -
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Earnings Available for Fixed Charges $ (393) $ 117 $ 85 $ 150 $ 48
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Interest on Debt $ 289 $ 147 $ 15 $ 38 $ 72
MFS Preferred Dividends 8
Interest Expense Portion of Rental Expense 13 6 - 1 -
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Total Fixed Charges $ 302 $ 153 $ 15 $ 39 $ 80
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Ratio of Earnings to Fixed Charges - - 5.73 3.87 -
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Deficiency $ (695) $ (36) $ - $ - $ (32)
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