EX-12 3 dex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

EXHIBIT 12

CROWN CASTLE INTERNATIONAL CORP.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(DOLLARS IN THOUSANDS)

 

     Years Ended December 31,  
     2003     2004     2005     2006     2007  

Computation of earnings:

          

Income (loss) from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle

   $ (462,448 )   $ (306,632 )   $ (392,043 )   $ (48,373 )   $ (317,003 )

Add:

          

Fixed charges (as computed below)

     300,460       250,077       178,982       211,188       454,731  

Subtract:

          

Interest capitalized

     —         —         —         (1,295 )     (1,406 )
                                        
   $ (161,988 )   $ (56,555 )   $ (213,061 )   $ 161,520     $ 136,322  
                                        

Computation of fixed charges and combined fixed charges and preferred stock dividends:

          

Interest expense

   $ 186,675     $ 197,258     $ 126,646     $ 153,722     $ 329,610  

Amortized premiums, discounts and capitalized interest expense related to indebtedness and dividends on preferred stock

     72,159       9,512       7,160       8,606       20,649  

Interest capitalized

     —         —         —         1,295       1,406  

Interest component of operating lease expense

     41,626       43,307       45,176       47,565       103,066  
                                        

Fixed charges

     300,460       250,077       178,982       211,188       454,731  

Dividends on preferred stock and losses on purchases of preferred stock

     55,897       38,618       49,356       20,806       20,805  
                                        

Combined fixed charges and preferred stock dividends

   $ 356,357     $ 288,695     $ 228,338     $ 231,994     $ 475,536  
                                        

Ratio of earnings to fixed charges

     —         —         —         —         —    
                                        

Deficiency of earnings to cover fixed charges

   $ 462,448     $ 306,632     $ 392,043     $ 49,668     $ 318,409  
                                        

Ratio of earnings to combined fixed charges and preferred stock dividends

     —         —         —         —         —    
                                        

Deficiency of earnings to cover combined fixed charges and preferred stock dividends

   $ 518,345     $ 345,250     $ 441,399     $ 70,474     $ 339,214