EXHIBIT 12.3
COMCAST CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
<Table>
<Caption>
Six Months
Ended June 30, Years Ended December 31,
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2002 2001 2000 1999 1998 1997
Earnings (loss) before fixed charges(1):
Earnings (loss) from continuing operations
before extraordinary items and
cumulative effect of accounting change $(298.5) $ 225.6 $2,045.1 $ 780.9 $1,007.7 $(182.9)
Minority interest 89.4 160.4 115.3 (4.6) (44.3) (76.2)
Income tax (benefit) expense (30.2) 470.2 1,441.3 723.7 594.0 70.4
Equity in net (income) losses of affiliates 48.4 28.5 21.3 (1.4) 515.9 343.8
Fixed charges 369.3 731.8 691.4 538.3 466.7 458.9
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$178.4 $1,616.5 $4,314.4 $2,036.9 $2,540.0 $ 614.0
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Fixed charges:
Interest expense $369.3 $ 731.8 $ 691.4 $ 538.3 $ 466.7 $ 458.9
Capitalized Interest -- -- -- -- -- 18.0
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$369.3 $ 731.8 $ 691.4 $ 538.3 $ 466.7 $ 476.9
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Ratio of earnings to fixed charges(1)(2) -- 2.21 6.24 3.78 5.44 1.29
</Table>
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(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, minority
interest, equity in net (income) losses of affiliates and fixed charges.
Fixed charges consist of interest expense and capitalized interest.
(2) For the six months ended June 30, 2002, earnings, as defined, were
inadequate to cover fixed charges by $190.9 million.