Attached files
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| EXCEL - IDEA: XBRL DOCUMENT - UNITED STATES CELLULAR CORP | Financial_Report.xls |
| EX-31.2 - EX-31.2 - UNITED STATES CELLULAR CORP | exhibit31_2.htm |
| EX-31.1 - EX-31.1 - UNITED STATES CELLULAR CORP | exhibit31_1.htm |
| EX-32.2 - EX-32.2 - UNITED STATES CELLULAR CORP | exhibit32_2.htm |
| EX-32.1 - EX-32.1 - UNITED STATES CELLULAR CORP | exhibit32_1.htm |
| 10-Q - 10-Q - UNITED STATES CELLULAR CORP | usm_form10q.htm |
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Exhibit 12 |
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UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES (1) |
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Three Months Ended |
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March 31, |
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2015 |
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2014 |
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(Dollars in thousands) |
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EARNINGS: |
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Income before income taxes (2) |
$ |
272,491 |
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$ |
31,008 |
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Add (deduct): |
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Equity in earnings of unconsolidated entities |
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(34,471) |
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(37,075) |
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Distributions from unconsolidated entities |
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12,985 |
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12,818 |
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Amortization of capitalized interest |
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1,483 |
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1,788 |
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Income attributable to noncontrolling interests in subsidiaries |
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that do not have fixed charges |
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(5,611) |
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(329) |
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$ |
246,877 |
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$ |
8,210 |
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Add fixed charges: |
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Consolidated interest expense (3) |
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19,964 |
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14,862 |
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Interest portion (1/3) of consolidated rent expense |
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12,504 |
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12,365 |
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$ |
279,345 |
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$ |
35,437 |
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FIXED CHARGES: |
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Consolidated interest expense (3) |
$ |
19,964 |
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$ |
14,862 |
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Capitalized interest |
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847 |
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906 |
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Interest portion (1/3) of consolidated rent expense |
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12,504 |
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12,365 |
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$ |
33,315 |
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$ |
28,133 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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8.38 |
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1.26 |
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(1) |
Considering, among other things, recent significant divestitures and an increasing amount of rental income in proportion to gross rent expense, U.S. Cellular revised its approach in the fourth quarter of 2014 in calculating the above ratios to use gross rent expense, rather than net rent expense, for estimating the interest portion of rent expense. Prior periods have been revised to conform to this presentation. |
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(2) |
Includes Gain on sale of business and other exit costs, net of $111.5 million and $6.9 million in 2015 and 2014, respectively. Additionally, includes Gain on license sales and exchanges, net of $122.9 million and $91.4 million in 2015 and 2014, respectively. |
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(3) |
Interest expense on income tax contingencies is not included in fixed charges. |
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