Exhibit 12
TELEPHONE AND DATA SYSTEMS, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
			Six Months Ended
			June 30,
			2012			2011
(Dollars in thousands)
EARNINGS:
	Income before income taxes		$	186,682		$	205,756
	Add (deduct):
		Equity in earnings of unconsolidated entities		(48,781	)		(41,978	)
		Distributions from unconsolidated entities		6,973			47,375
		Amortization of capitalized interest		796			547
		Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges		(12,024	)		(10,450	)
				133,646			201,250
	Add fixed charges:
		Consolidated interest expense (1)		47,603			71,926
		Interest portion (1/3) of consolidated rent expense		28,214			25,931
			$	209,463		$	299,107
FIXED CHARGES:
		Consolidated interest expense (1)	$	47,603		$	71,926
		Capitalized interest		8,086			4,217
		Interest portion (1/3) of consolidated rent expense		28,214			25,931
			$	83,903		$	102,074
RATIO OF EARNINGS TO FIXED CHARGES				2.50			2.93
		Tax-effected preferred dividends	$	38		$	31
		Fixed charges		83,903			102,074
		Fixed charges and preferred dividends	$	83,941		$	102,105
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS				2.50			2.93

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