EX-12 2 a2202099zex-12.htm EX-12

 

Exhibit 12

 

UNITED STATES CELLULAR CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

For the Year Ended December 31

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes (1)

 

$

235,017

 

$

344,586

 

$

65,683

 

$

530,928

 

$

310,881

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated entities

 

(97,318

)

(96,800

)

(91,981

)

(90,033

)

(93,119

)

Distributions from unconsolidated entities

 

100,359

 

91,105

 

91,845

 

86,873

 

77,835

 

Amortization of capitalized interest

 

492

 

320

 

—

 

—

 

—

 

Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges

 

(23,869

)

(22,663

)

(26,131

)

(23,481

)

(15,999

)

 

 

$

214,681

 

$

316,548

 

$

39,416

 

$

504,287

 

$

279,598

 

Add fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense (2)

 

61,555

 

78,199

 

78,535

 

85,408

 

94,000

 

Interest portion (1/3) of consolidated rent expense

 

42,550

 

41,305

 

37,254

 

35,208

 

30,482

 

 

 

$

318,786

 

$

436,052

 

$

155,205

 

$

624,903

 

$

404,080

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense (2)

 

$

61,555

 

$

78,199

 

$

78,535

 

$

85,408

 

$

94,000

 

Capitalized interest

 

2,446

 

1,647

 

2,805

 

—

 

—

 

Interest portion (1/3) of consolidated rent expense

 

42,550

 

41,305

 

37,254

 

35,208

 

30,482

 

 

 

$

106,551

 

$

121,151

 

$

118,594

 

$

120,616

 

$

124,482

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

2.99

 

3.60

 

1.31

 

5.18

 

3.25

 

 

(1)          Includes non-cash charges related to losses on impairments as follows: 2009: $14.0 million; 2008: $386.7 million; 2007: $24.9 million.

 

Includes fair value adjustment of derivative instruments and gain on disposition of investments as follows: 2008: $16.6 million; 2007: $132.6 million; 2006: $7.4 million.

 

(2)          Interest expense on income tax contingencies is not included in fixed charges.