EX-12.1 2 g21345exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Time Warner Cable Inc.
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements
($ in millions)
                                                 
    Nine Months        
    Ended        
    September 30,     Year Ended December 31,  
    2009     2008     2007     2006     2005     2004  
Earnings:
                                               
Net income (loss) before income taxes, discontinued operations and cumulative effect of accounting change
  $ 1,369     $ (13,072 )   $ 2,028     $ 1,664     $ 1,366     $ 1,141  
Interest expense
    979       961       907       690       501       491  
Portion of rents representative of an interest factor
    53       63       61       50       32       33  
Amortization of capitalized interest
    2       3       3       2       2       2  
Preferred stock dividend requirements of majority-owned subsidiaries
                                   
Adjustment for partially owned subsidiaries and 50%-owned companies
          1             27       55       34  
Distributions received less earnings of less than 50%-owned companies
    47       6       63       4       4       6  
 
                                   
Total earnings
  $ 2,450     $ (12,038 )   $ 3,062     $ 2,437     $ 1,960     $ 1,707  
 
                                   
 
                                               
Fixed Charges:
                                               
Interest expense
  $ 979     $ 961     $ 907     $ 690     $ 501     $ 491  
Portion of rents representative of an interest factor
    53       63       61       50       32       33  
Capitalized interest
    1       1       5       2       1       1  
Preferred stock dividend requirements of majority-owned subsidiaries
                                   
Adjustment for partially owned subsidiaries and 50%-owned companies
                      43       60       39  
 
                                   
Total fixed charges
  $ 1,033     $ 1,025     $ 973     $ 785     $ 594     $ 564  
 
                                   
 
                                               
Pretax income necessary to cover preferred dividend requirements
                                   
 
                                   
Total combined
  $ 1,033     $ 1,025     $ 973     $ 785     $ 594     $ 564  
 
                                   
 
                                               
Ratio of earnings to fixed charges (deficiency in the coverage of fixed charges by earnings before fixed charges)
    2.4x     $ (13,063 )     3.1x       3.1x       3.3x       3.0x  
 
                                   
 
                                               
Ratio of earnings to combined fixed charges and preferred dividend requirements (deficiency in the coverage of combined fixed charges and preferred dividend requirements deficiency)
    2.4x     $ (13,063 )     3.1x       3.1x       3.3x       3.0x  
 
                                   
Note: Certain reclassifications have been made to the prior years’ financial information to conform to the September 30, 2009 presentation.