EX-12 2 a2152923zex-12.htm EX-12
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Exhibit 12

UNITED STATES CELLULAR CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
(Dollars in Thousands)

 
   2004
   2003
   2002
   2001
   2000
  
EARNINGS:                                
Income (loss) before income taxes and minority interest   $ 192,632   $ 106,150   $ (12,388 ) $ 331,337   $ 377,165  
Add (deduct):                                
  Earnings on equity method investments     (68,841 )   (52,063 )   (42,068 )   (41,934 )   (43,727 )
  Distributions from unconsolidated entities     46,530     44,833     28,881     14,813     20,582  
  Minority interest in pre-tax income of subsidiaries that do not have fixed charges     (10,940 )   (14,622 )   (16,829 )   (10,429 )   (7,975 )
   
 
 
 
 
 
      159,741     84,298     (42,404 )   293,787     346,045  

Add fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Consolidated interest expense     86,241     64,607     47,878     35,164     36,608  
  Interest portion (1/3) of consolidated rent expense     25,113     17,412     19,061     11,808     10,933  
   
 
 
 
 
 
    $ 271,095   $ 166,317   $ 24,535   $ 340,759   $ 393,586  

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Consolidated interest expense   $ 86,241   $ 64,607   $ 47,878   $ 35,164   $ 36,608  
  Interest portion (1/3) of consolidated rent expense     25,113     17,412     19,061     11,808     10,933  
   
 
 
 
 
 
    $ 111,354   $ 82,019   $ 66,939   $ 46,972   $ 47,541  

RATIO OF EARNINGS TO FIXED CHARGES
 
 
2.43
 
 
2.03
 
 
—
(a)
 
7.25
 
 
8.28
 
   
 
 
 
 
 
  Tax-effected preferred dividends   $ —   $ 25   $ 70   $ 124   $ 121  
  Fixed charges     111,354     82,019     66,939     46,972     47,541  
   
 
 
 
 
 
    Fixed charges and preferred dividends   $ 111,354   $ 82,044   $ 67,009   $ 47,096   $ 47,662  

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
 
 
2.43
 
 
2.03
 
 
—
(a)
 
7.24
 
 
8.26
 
   
 
 
 
 
 
(a)
Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $42.4 million and fixed charges and preferred dividends by $42.5 million. In the year ended December 31, 2002, U.S. Cellular recognized a pre-tax loss on marketable securities and other investments of $295.5 million as a result of management's determination that unrealized losses with respect to the investments were other than temporary and the write-down of other assets.



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