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Exhibit 12.1

TELEPHONE AND DATA SYSTEMS, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
For the Twelve Months ended December 31, 2003

(Dollars In Thousands)
As Restated

EARNINGS:
	Income (Loss) from Continuing Operations before income taxes and minority interest					$	130,736
		Add (Deduct):
			Earnings on Equity Method Investments				(53,154	)
			Distributions from Minority Subsidiaries				45,427
			Minority interest in pre-tax income of subsidiaries that do not have fixed charges				(12,606	)
							110,403
			Add fixed charges:
				Consolidated interest expense			188,069
				Interest Portion (1/3) of Consolidated Rent Expense			27,607
						$	326,079
FIXED CHARGES:
				Consolidated interest expense		$	188,069
				Interest Portion (1/3) of Consolidated Rent Expense			27,607
						$	215,676
RATIO OF EARNINGS TO FIXED CHARGES							1.51
				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							1.51

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TELEPHONE AND DATA SYSTEMS, INC. RATIOS OF EARNINGS TO FIXED CHARGES For the Twelve Months ended December 31, 2003 (Dollars In Thousands) As Restated