Exhibit 12

TELEPHONE AND DATA SYSTEMS, INC

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

			Three Months Ended March 31,
(Dollars in thousands)			2012			2011
EARNINGS:
	Income before income taxes		$	94,978		$	84,456
	Add (deduct):
		Equity in earnings of unconsolidated entities		(23,389	)		(19,388	)
		Distributions from unconsolidated entities		2,938			8,439
		Amortization of capitalized interest		389			266
		Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges		(6,034	)		(4,988	)
				68,882			68,785
	Add fixed charges:
		Consolidated interest expenses (1)		24,464			26,509
		Inerest portion (1/3) of consolidated rent expenses		13,797			12,817
			$	107,143		$	108,111
FIXED CHARGES
		Consolidated interest expense (1)	$	24,464		$	26,509
		Capitalized interest		3,198			1,927
		Interest portion (1/3) of consolidated rent expense		13,797			12,817
			$	41,459		$	41,253
RATIO OF EARNINGS TO FIXED CHARGES				2.58			2.62
		Tax-effected preferred dividends	$	17		$	19
		Fixed charges		41,459			41,253
		Fixed charges and preferred dividends	$	41,476		$	41,272
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS				2.58			2.62

(1)Interest expense on income tax contingencies is not included in fixed charges.