EX-12 3 ex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

                           
EXHIBIT 12
  
AT&T INC.
  
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions
  
                                                       
 
   
Year Ended December 31,
   
2014
   
2013
   
2012
   
2011
   
2010
 
 Earnings:
                    
Income from continuing operations before income taxes
  
$
9,960
    
$
27,777
    
$
10,439
    
$
6,716
    
$
18,238
  
Equity in net income of affiliates included above
    
(175
)
    
(642
)
    
(752
)
    
(784
)
    
(762
)
Fixed charges
    
5,295
      
5,452
      
4,876
      
4,835
      
4,723
  
Distributed income of equity affiliates
    
148
      
318
      
137
      
161
      
161
  
Interest capitalized
    
(234
)
    
(284
)
    
(263
)
    
(162
)
    
(772
)
                                         
Earnings, as adjusted
  
$
14,994
    
$
32,621
    
$
14,437
    
$
10,766
    
$
21,588
  
                                         
 Fixed Charges:
                                        
Interest expense
  
$
3,613
    
$
3,940
    
$
3,444
    
$
3,535
    
$
2,994
  
Interest capitalized
    
234
      
284
      
263
      
162
      
772
  
Portion of rental expense representative of interest factor
    
1,448
      
1,228
      
1,169
      
1,138
      
957
  
                                         
Fixed Charges
  
$
5,295
    
$
5,452
    
$
4,876
    
$
4,835
    
$
4,723
  
                                         
Ratio of Earnings to Fixed Charges
    
2.83
      
5.98
      
2.96
      
2.23
      
4.57