EX-12 8 ex12.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12
to Registration Statement
(Registration No. 333-35432)

RATIO OF EARNINGS TO FIXED CHARGES

               

Pro forma
for Verizon
acquisition

 





1995





1996





1997





1998





1999

Six
months
ended
June 30, 2000

Six
months
ended
June 30,
1999


Year
ended
Dec. 31,
2000


Six months
ended
June 30,
2000

                   

Net income

114,776

129,077

255,978

228,757

239,769

107,129

114,567

198,659

90,412

Income taxes

68,292

74,565

152,363

158,701

189,503

77,252

116,538

161,090

65,477

Pretax income

183,068

203,642

408,341

387,458

429,272

184,381

231,105

359,749

155,889

Adjustments to earnings:

                 

Fixed charges

44,484

46,145

57,731

168,586

152,950

73,206

81,271

273,153

133,307

Capitalized interest

(746)

(1,063)

(797)

(626)

(1,990)

(1,698)

(1,339)

(1,990)

(1,698)

Preferred dividends paid to
outside parties


(123)


(420)


(460)


(408)


(403)


(199)


(204)


(403)


(199)

Gross earnings from
unconsolidated cellular
partnerships



(20,155)



(26,952)



(27,852)



(32,869)



(29,956)



(9,430)



(16,156)



(29,956)



(9,430)

Distributed earnings from
unconsolidated cellular
partnerships



4,957



15,648



16,825



26,515



22,219



12,413



10,109



22,219



12,413

Gross losses from
unconsolidated cellular
partnerships



71



0



58



0



2,281



1,414



44



2,281



1,414

Money losses from majority-owned subsidiaries


(321)


(239)


(1,437)


(37)


(10)


(69)


(6)


(10)


(69)

Earnings as adjusted

211,235

236,761

452,409

548,619

574,363

260,018

304,824

625,043

291,627

                   

Fixed charges:

                 

Interest expense

43,615

44,662

56,474

167,552

150,557

71,309

79,728

270,760

131,410

Interest capitalized

745

1,063

797

626

1,990

1,698

1,339

1,990

1,698

Interest portion of rental
expense

-

-

-

-

-

-

-

-

-

Preferred dividends paid
to outside parties


123


420


460


408


403


199


204


403


199

Total fixed charges

44,484

46,145

57,731

168,586

152,950

73,206

81,271

273,153

133,307

Ratio of earnings to
fixed charges


4.75


5.13


7.84


3.25


3.76


3.55


3.75


2.29


2.19

Ratio of earnings to fixed
charges and preferred
stock dividends

 

4.74

 

5.10

 

7.80

 

3.25

 

3.75

 

3.54

 

3.74

 

2.29

 

2.19