EX-12.1 5 a04-13384_1ex12d1.htm EX-12.1

 

Exhibit 12.1

Citizens Communications Company

Statements of the Ratio of Earnings to Fixed Charges (a)

(Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

Years Ended December 31,

 

September 30,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

2004

 

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

 

$

70,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Income) or loss from equity investees

 

(535

)

(780

)

(1,799

)

(1,935

)

(2,019

)

(413

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

70,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

430,659

 

489,124

 

399,752

 

206,650

 

142,847

 

295,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed income of equity investees

 

—

 

1,400

 

2,350

 

800

 

600

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(2,993

)

(7,390

)

(5,675

)

(4,766

)

(8,681

)

(1,722

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

(7,547

)

Total earnings

 

612,577

 

(759,349

)

298,394

 

128,471

 

317,166

 

356,232

 

Ratio of earnings to fixed charges

 

1.42

 

(1.55

)

0.75

 

0.62

 

2.22

 

1.21

 

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.