EXHIBIT 12.1
COMCAST CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(dollars in millions)
Nine Months Ended September 30, Years Ended December 31,
------------------------------- ---------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
------------- -------------- -------- -------- ------- ------ ------
Earnings (loss) before fixed charges(1):
Earnings (loss) from continuing operations
before extraordinary items and
cumulative effect of accounting changes $1,261.5 $948.5 $780.9 $1,007.7 ($182.9) ($6.4) $48.0
Income tax expense (benefit) 905.6 827.9 723.7 594.0 70.4 109.0 91.3
Equity in net loss of affiliates 7.7 (0.9) (1.4) 515.9 343.8 144.8 87.2
Fixed charges, less capitalized interest 507.0 392.8 538.3 466.7 458.9 448.4 450.0
-------- -------- -------- -------- ------ ------ ------
$2,681.8 $2,168.3 $2,041.5 $2,584.3 $690.2 $695.8 $676.5
======== ======== ======== ======== ====== ====== ======
Fixed Charges (1):
Interest expense $ 507.0 $ 392.8 $ 538.3 $466.7 $458.9 $448.4 $450.0
Capitalized interest - - - 18.0 32.1 6.4
-------- -------- -------- -------- ------ ------ ------
$ 507.0 $ 392.8 $ 538.3 $ 466.7 $476.9 $480.5 $456.4
======== ======== ======== ======== ====== ====== ======
Preference Security Dividend $ 34.9 $ 34.5 $ 45.7 $ 44.8 $ 22.8 $ 1.1 -
-------- -------- -------- -------- ------ ------ ------
Combined fixed charges and
preferred dividends $ 541.9 $ 427.3 $ 584.0 $ 511.5 $499.7 $481.6 $456.4
======== ======== ======== ======== ====== ====== ======
Ratio of earnings to fixed charges 5.29 5.52 3.79 5.54 1.45 1.45 1.48
Ratio of earnings to combined fixed charges
and preferred dividends 4.95 5.07 3.50 5.05 1.38 1.44 1.48
(1) For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) from continuing
operations before income taxes, extraordinary items, cumulative effect of accounting changes, equity in net losses of
affiliates and fixed charges. Fixed charges consist of interest expense and capitalized interest. Combined fixed charges
and preferred stock dividends consist of fixed charges, as defined above, and the amount of pre-tax earnings required to pay
the dividends on the Company's preferred stock.