<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>7
<FILENAME>exhib12.txt
<DESCRIPTION>RATIO OF EARNINGS
<TEXT>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C> <C>
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
============= ============= ============= ============= =============
</TABLE>
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.
<PAGE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C> <C>
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
============ ============= ============= ============== =============
</TABLE>
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.
</TEXT>
</DOCUMENT>