EX-12 7 exhib12.txt RATIO OF EARNINGS
Exhibit 12 Page 1 Citizens Communications Company Statements of the Ratio of Earnings to Fixed Charges (a) (Dollars in Thousands) (Unaudited) Years Ended December 31, ------------------------------------------------------------------------ 2003 2002 2001 2000 1999 ------------- ------------- ------------- ------------- ------------- Pre-tax income (loss) from continuing operations before dividends on convertible preferred securities, extraordinary expense and cumulative effect of changes in accounting principle $ 195,509 $(1,231,640) $ (72,521) $ (49,993) $ 217,709 (Income) or loss from equity investees (535) (780) (1,799) (1,935) (2,019) Minority interest - - - (12,222) (23,227) ------------- ------------- ------------- ------------- ------------- Pre-tax income (loss) from continuing operations before adjustment for minority interest in consolidated subsidiaries or (income) or loss from equity investees 194,974 (1,232,420) (74,320) (64,150) 192,463 Fixed charges 430,659 489,124 399,752 206,650 142,847 Distributed income of equity investees - 1,400 2,350 800 600 Interest capitalized (2,993) (7,390) (5,675) (4,766) (8,681) Carrying cost of equity forward contracts - - (13,650) - - Preference security dividend requirements of consolidated subsidiaries (10,063) (10,063) (10,063) (10,063) (10,063) ------------- ------------- ------------- ------------- ------------- Total earnings 612,578 (759,348) 298,395 128,472 317,167 ------------- ------------- ------------- ------------- ------------- Ratio of earnings to fixed charges 1.42 (1.55) 0.75 0.62 2.22 ============= ============= ============= ============= =============
Note : The above calculation was performed in accordance with Regulation S-K 229.503(d) Ratio of earnings to fixed charges. (a) For the years ended December 31, 2002, 2001 and 2000, earnings were insufficient to cover fixed charges by $1.25 billion, $101.4 million and $78.2 million, respectively.
Exhibit 12 Page 2 Citizens Communications Company Statements of the Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (a) (Dollars in Thousands) (Unaudited) Years Ended December 31, ------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------ ------------- ------------- -------------- ------------- Pre-tax income (loss) from continuing operations before dividends on convertible preferred securities, extraordinary expense and cumulative effect of changes in principle $ 195,509 $(1,231,640) $ (72,521) $ (49,993) $ 217,709 (Income) or loss from equity investees (535) (780) (1,799) (1,935) (2,019) Minority interest - - - (12,222) (23,227) ------------ ------------- ------------- -------------- ------------- Pre-tax income (loss) from continuing operations before adjustment for minority interest in consolidated subsidiaries or (income) or loss from equity investees 194,974 (1,232,420) (74,320) (64,150) 192,463 Fixed charges 440,722 499,187 423,465 216,713 152,910 Distributed income of equity investees - 1,400 2,350 800 600 Interest capitalized (2,993) (7,390) (5,675) (4,766) (8,681) Preference security dividend requirements of consolidated subsidiaries (10,063) (10,063) (10,063) (10,063) (10,063) Carrying cost of equity forward contracts - - (13,650) - - ------------ ------------- ------------- -------------- ------------- Total earnings $ 622,640 $ (749,286) $ 322,107 $ 138,534 $ 327,229 ------------ ------------- ------------- -------------- ------------- Ratio of earnings to combined fixed charges 1.41 (1.50) 0.76 0.64 2.14 ============ ============= ============= ============== =============
Note : The above calculation was performed in accordance with Regulation S-K 229.503(d) Ratio of earnings to fixed charges. (a) For the years ended December 31, 2002, 2001 and 2000, earnings were insufficient to cover combined fixed charges by $1.25 billion, $101.4 million and $78.2 million, respectively.