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Exhibit 12

TELEPHONE AND DATA SYSTEMS, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars In Thousands)

						12 Months Ended 12/31/03
EARNINGS:
	Income (Loss) from Continuing Operations before income taxes and minority interest					$	178,392
		Add (Deduct):
			Earnings on Equity Method				(53,154	)
			Distributions from Minority Subsidiaries				45,427
			Minority interest in pre-tax income of subsidiaries that do not have fixed charges				(12,606	)
							158,059
			Add fixed charges:
				Consolidated interest expense			188,069
				Interest Portion (1/3) of Consolidated Rent Expense			27,607
						$	373,735
FIXED CHARGES:
				Consolidated interest expense/TOPRS		$	188,069
				Interest Portion (1/3) of Consolidated Rent Expense			27,607
						$	215,676
RATIO OF EARNINGS TO FIXED CHARGES							1.73
				Tax-Effected Redeemable Preferred Dividends		$	4
				Fixed Charges			215,676
					Fixed Charges and Redeemable Preferred Dividends	$	215,680
RATIO OF EARNINGS TO FIXED CHARGES AND REDEEMABLE PREFERRED DIVIDENDS							1.73
				Tax-Effected Preferred Dividends		$	652
				Fixed Charges			215,676
					Fixed Charges and Preferred Dividends	$	216,328
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS							1.73

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TELEPHONE AND DATA SYSTEMS, INC. RATIOS OF EARNINGS TO FIXED CHARGES (Dollars In Thousands)