AMERICAN TOWER CORP /MA/ - FORM 8-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - December 6, 2010

Attached files

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8-K - FORM 8-K - AMERICAN TOWER CORP /MA/d8k.htm
EX-4.1 - FORM OF SUPPLEMENTAL INDENTURE NO. 2 - AMERICAN TOWER CORP /MA/dex41.htm
EX-99.2 - PRESS RELEASE - AMERICAN TOWER CORP /MA/dex992.htm
EX-99.1 - PRESS RELEASE - AMERICAN TOWER CORP /MA/dex991.htm

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Ratio of Earnings to Fixed Charges

American Tower Corporation

The following table reflects the computation of the ratio of earnings to fixed charges for the periods presented (in thousands):

 

     Year Ended December 31,      Nine Months
Ended
September 30,		  
     2005     2006      2007      2008      2009      2010  

Computation of Earnings:

                 

(Loss) income from continuing operations before income taxes and (loss) income on equity method investments

    $ (135,554 )    $ 70,864       $ 152,840       $ 371,920       $ 421,487       $ 419,239   

Add:

              

Interest expense (1)

      223,911        217,134         237,314         255,073         251,291         178,511   

Operating leases

      50,601        71,092         73,916         79,189         82,522         67,123   

Amortization of interest capitalized

      2,563        2,600         2,622         2,692         2,751         1,570   
                                                    

Earnings as adjusted

      141,521        361,690         466,692         708,874         758,051         666,443   

Computation of fixed charges:

              

Interest expense

      223,911        217,134         237,314         255,073         251,291         178,511   

Interest capitalized

      473        651            770         495         602   

Operating leases

      50,601        71,092         73,916         79,189         82,522         67,123   
                                                    

Fixed charges

      274,985        288,877         311,230         335,032         334,308         246,236   
                                                    

(Deficiency) excess in earnings required to cover fixed charges

    $ (133,464 )    $ 72,813       $ 155,462       $ 373,842         423,743         420,207   
                                                    

Ratio of earnings to fixed charges (2)

        1.25x         1.50x         2.12x         2.27x         2.71x   

 

(1) Interest expense includes amortization of deferred financing costs. Interest expense also includes an amount related to our capital lease with TV Azteca.
(2) For the purpose of this calculation, “earnings” consists of (loss) income from continuing operations before income taxes and (loss) income on equity method investments, fixed charges (excluding interest capitalized), and amortization of interest capitalized. “Fixed charges” consist of interest expensed and capitalized, amortization of debt discount and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon.

AMERICAN TOWER CORP /MA/ Reports