Exhibit 12

TELEPHONE AND DATA SYSTEMS, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Nine Months Ended
	September 30,
(Dollars in thousands)	2011			2010
EARNINGS:
Income before income taxes	$	347,519		$	269,982
Add (deduct):
Equity in earnings of unconsolidated entities	(64,031		)	(75,047		)
Distributions from unconsolidated entities	52,385			59,519
Amortization of capitalized interest	849			854
Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges	(17,316		)	(15,899		)
	319,406			239,409
Add fixed charges:
Consolidated interest expense (1)	94,184			86,520
Interest portion (1/3) of consolidated rent expense	39,134			35,809
	$	452,724		$	361,738
FIXED CHARGES:
Consolidated interest expense (1)	$	94,184		$	86,520
Capitalized interest	9,733			3,263
Interest portion (1/3) of consolidated rent expense	39,134			35,809
	$	143,051		$	125,592
RATIO OF EARNINGS TO FIXED CHARGES	3.16			2.88
Tax-effected preferred dividends	$	50		$	59
Fixed charges	143,051			125,592
Fixed charges and preferred dividends	$	143,101		$	125,651
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS	3.16			2.88

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