EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
LEVEL 3 COMMUNICATIONS, INC.
Nine Months
Ended
September 30, Fiscal Year Ended
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1998 1997 1997 1996 1995 1994 1993
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($ in millions, except for ratios)
Earnings (Loss) from Continuing
Operations Before Taxes....... $ (100) $ 66 $ 70 $ 116 $ (4) $(33) $ 241
Interest on Debt, Net of
Capitalized Interest........ 86 11 15 33 52 77 11
Interest Expense Portion of
Rental Expense.............. 5 -- -- 1 -- 1 --
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Earnings Available for Fixed
Charges....................... $ (9) $ 77 $ 85 $ 150 $ 48 $ 45 $ 252
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Interest on Debt............... $ 92 $ 11 $ 15 $ 38 $ 72 $ 86 $ 12
MFS Preferred Dividends...... -- -- -- -- 8 -- --
Interest Expense Portion of
Rental Expense.............. 5 -- -- 1 -- 1 --
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Total Fixed Charges............ $ 97 $ 11 $ 15 $ 39 $ 80 $ 87 $ 12
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Ratio of Earnings to Fixed
Charges....................... -- 7.29 5.73 3.87 -- -- 20.94
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Deficiency..................... $ (106) $ -- $ -- $ -- $(32) $(42) $ --
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