EX-12.1 5 d331238dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CROWN CASTLE INTERNATIONAL CORP.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND DIVIDENDS ON PREFERRED STOCK

AND LOSSES ON PURCHASES OF PREFERRED STOCK

(DOLLARS IN THOUSANDS)

 

     Years Ended December 31,     Nine Months
Ended
September 30,		  
     2011     2012     2013     2014     2015     2016  

Computation of earnings:

             

Income (loss) from continuing operations before income taxes

    $ 151,196      $ 64,853      $ 251,001        335,070        473,829        245,060   

Add:

             

Fixed charges (as computed below)

      611,522        717,672        752,241        791,386        750,968        561,569   

Subtract:

             

Interest capitalized

      (265 )      (2,335 )      (1,832 )      (2,985 )      (4,805 )      (4,933 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 762,453      $ 780,190      $ 1,001,410      $ 1,123,471      $ 1,219,992      $ 801,696   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Computation of fixed charges and combined fixed charges and preferred stock dividends and losses on purchases of preferred stock:

             

Interest expense

      404,968        491,184        491,041        491,581        487,355        373,131   

Amortized premiums, discounts and capitalized expenses related to indebtedness

      102,883        109,860        98,589        81,710        39,773        14,523   

Interest capitalized

      265        2,335        1,832        2,985        4,805        4,933   

Interest component of operating lease expense

      103,406        114,293        160,779        215,110        219,035        168,982   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

      611,522        717,672        752,241        791,386        750,968        561,569   

Dividends on preferred stock and losses on purchases of preferred stock

      22,940        2,629        11,363        43,988        43,988        32,991   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and dividends on preferred stock and losses on purchases of preferred stock

    $ 634,462      $ 720,301      $ 763,604      $ 835,374      $ 794,956      $ 594,560   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.2        1.1        1.3        1.4        1.6        1.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Deficiency) excess of earnings to cover fixed charges

    $ 150,931      $ 62,518      $ 249,169      $ 332,085      $ 469,024      $ 240,127   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and dividends on preferred stock and losses on purchases of preferred stock

      1.2        1.1        1.3        1.3        1.5        1.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Deficiency) excess of earnings to cover fixed charges and preferred stock dividends and losses on purchases of preferred stock

    $ 127,991      $ 59,889      $ 237,806      $ 288,097      $ 425,036      $ 207,136