EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions) <Table> <Caption> SIX MONTHS YEAR ENDED DECEMBER 31, ENDED JUNE 30, ----------------------------------------------- ----------------- 1996 1997 1998 1999 2000 2000 2001(1) ------- ------- ------- ------- ------- ------- ------- Income before income taxes, extraordinary item and cumulative effect of change in accounting principle $ 2,377 $ 2,429 $ 2,419 $ 1,902 $ 126 $ 453 $(3,140) Interest expense (net of amounts capitalized) 448 405 543 736 1,041 418 681 Interest factor on rentals (1/3) 79 91 70 92 137 61 68 ------- ------- ------- ------- ------- ------- ------- Subtotal earnings 2,904 2,925 3,032 2,730 1,304 932 (2,391) Add: Losses from equity method affiliates -- -- -- -- 41 -- 3,097 ------- ------- ------- ------- ------- ------- ------- Total earnings $ 2,904 $ 2,925 $ 3,032 $ 2,730 $ 1,345 $ 932 $ 706 ------- ------- ------- ------- ------- ------- ------- Gross interest expense $ 479 $ 425 $ 568 $ 763 $ 1,145 $ 446 $ 788 Interest factor on rentals (1/3) 79 91 70 92 137 61 68 ------- ------- ------- ------- ------- ------- ------- Fixed charges $ 558 $ 516 $ 638 $ 855 $ 1,282 $ 507 $ 856 ------- ------- ------- ------- ------- ------- ------- Ratio of earnings to fixed charges or (coverage deficiency) 5.20 5.67 4.75 3.19 1.05 1.84 $ (150) ======= ======= ======= ======= ======= ======= ======= </Table> Note (1): For the six months ended June 30, 2001, the ratio of earnings to fixed charges was calculated as a negative ratio. As a result, disclosed above is the calculation of the coverage deficiency. For the purposes of this calculation we have included the impact of the $3.048 billion write-down of the investment in KPNQwest that occurred during the second quarter of 2001, as an add-back of Qwest's share of losses in its equity method affiliates.