EX-12 8 ex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES ex12.htm
                             
EXHIBIT 12
AT&T INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions
 
         
       
Year Ended December 31,
 
       
2012 
  
2011 
  
2010 
  
2009 
    
2008 1 
Earnings:
                                
 
Income (loss) from continuing operations before income taxes
  
$
10,439 
  
$
6,716 
  
$
18,238 
  
$
18,518 
  
$
(4,572)
 
Equity in net income of affiliates included above
    
(752)
    
(784)
    
(762)
    
(734)
    
(819)
 
Fixed charges
    
4,943 
    
4,900 
    
4,786 
    
5,071 
    
4,943 
 
Distributed income of equity affiliates
    
137 
    
161 
    
161 
    
317 
    
164 
 
Interest capitalized
    
(263)
    
(162)
    
(772)
    
(740)
    
(659)
                                   
   
Earnings, as adjusted
  
$
14,504 
  
$
10,831 
  
$
21,651 
  
$
 22,432 
  
$
- 
                                   
Fixed Charges:
                                
 
Interest expense
  
$
3,444 
  
$
3,535 
  
$
2,994 
  
$
3,368 
  
$
3,369 
 
Interest capitalized
    
263 
    
162 
    
772 
    
740 
    
659 
 
Dividends on preferred securities
    
 - 
    
 - 
    
 - 
    
 - 
    
 4 
 
Portion of rental expense representative of interest factor
    
1,236 
    
1,203 
    
1,020 
    
963 
    
911 
                                 
   
Fixed Charges
  
$
4,943 
  
$
4,900 
  
$
4,786 
  
$
5,071 
  
$
4,943 
                                   
 
Ratio of Earnings to Fixed Charges
    
2.93 
    
2.21 
    
4.52 
    
4.42 
    
-
                                   
1 Earnings were not sufficient to cover fixed charges in 2008. The deficit was $943.