Exhibit 12.2
AMERICA ONLINE INC.
RATIO OF EARNINGS TO FIXED CHARGES
Historical
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Three Months
Ended
September 30, Year Ended June 30,
2000 2000 1999 1998 1997 1996
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Earnings:
Net income (loss) before income taxes $ 571 $ 2,014 $ 1,088 $ (96) $ (166) $ (169)
Interest expense 15 39 20 14 2 1
Amortization of capitalized interest - - - - - -
Portion of rents representative of an
interest factor 56 179 145 108 56 17
Preferred stock dividend requirements of
majority-owned subsidiaries - - - - - -
Adjustment for partially owned subsidiaries
and 50% owned companies - - - - - -
Undistributed losses (earnings) of less than
50% owned companies - - - - - -
--------- -------- ------- ------- ------ ------
Total earnings $ 642 $ 2,232 $ 1,253 $ 26 $ (108) $ (151)
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Fixed Charges:
Interest expense $ 15 $ 39 $ 20 $ 14 $ 2 $ 1
Capitalized interest - 4 - - - -
Portion of rents representative of an interest
factor 56 179 145 108 56 17
Preferred stock dividend requirements of
majority-owned subsidiaries - - - - - -
Adjustment for partially owned subsidiaries -
and 50% owned companies - - - - - -
--------- -------- ------- ------- ------ ------
Total fixed charges $ 71 $ 222 $ 165 $ 122 $ 58 $ 18
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Pretax income necessary to cover preferred
dividend requirements - - - - - -
--------- -------- ------- ------- ------ ------
Total combined $ 71 $ 222 $ 165 $ 122 $ 58 $ 18
========= ======== ======= ======= ====== ======
Ratio of earnings to fixed charges
(deficiency in the coverage of fixed
charges by earnings before fixed
charges) 9.0x 10.1 x 7.6 x $ (96) $ (166) $ (169)
========= ======== ======= ======= ====== ======
Ratio of earnings to combined fixed
charges and preferred dividend
requirements (deficiency in the
coverage of combined fixed charges
and preferred dividend requirements 9.0x 10.1 x 7.6 x $ (96) $ (166) $ (169)
deficiency) ========= ======== ======= ======= ====== ======