EXHIBIT 12 USW-C, INC. RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS) Year Ended ----------------------------------------------------------------------------------------- Pro forma 12/31/97(3) 12/31/97(1) 12/31/96(1) 12/31/95(1) 12/31/94(1) 12/31/93(1)(2) ----------- ----------- ----------- ----------- ----------- -------------- Income before income taxes, extra- ordinary items and cumulative effect of change in accounting principle $ 2,190 $ 2,429 $ 2,377 $ 2,248 $ 2,214 $ 962 Interest expense (net of amounts capitalized) 644 405 448 429 381 415 Interest factor on rentals (1/3) 91 91 79 83 80 88 ----------- ----------- ----------- ----------- ----------- -------------- Earnings $ 2,925 $ 2,925 $ 2,904 $ 2,760 $ 2,675 $ 1,465 ----------- ----------- ----------- ----------- ----------- -------------- ----------- ----------- ----------- ----------- ----------- -------------- Interest expense $ 664 $ 425 $ 479 $ 468 $ 417 $ 415 Interest factor on rentals (1/3) 91 91 79 83 80 88 ----------- ----------- ----------- ----------- ----------- -------------- Fixed charges $ 755 $ 516 $ 558 $ 551 $ 497 $ 503 ----------- ----------- ----------- ----------- ----------- -------------- ----------- ----------- ----------- ----------- ----------- -------------- Ratio of earnings to fixed charges 3.87 5.67 5.20 5.01 5.38 2.91 ----------- ----------- ----------- ----------- ----------- -------------- ----------- ----------- ----------- ----------- ----------- -------------- - ---------------------------------------- (1) Historical ratios are based on the combined historical results of U S WEST and exclude the effects of $3.9 billion of indebtedness (the "Dex Indebtedness") which was refinanced by U S WEST in connection with the Dex Alignment (as previously defined in the Registration Statement). (2) 1993 ratio includes a one-time restructuring charge of $930 million. Excluding the restructuring charge, the ratio would have been 4.76. (3) Based on the unaudited Pro Forma combined results of U S WEST which gives effect to the refinancing by U S WEST of $3.9 billion of Dex Indebtedness in connection with the Dex Alignment. For further information please see U S WEST's Pro Forma financial statements included in Old U S WEST's Proxy Statement (as defined below) incorporated herein by reference.