UNITED STATES CELLULAR CORP - FORM 10-K - EX-12 - February 24, 2016

Attached files

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EX-23.1 - EX-23.1 - UNITED STATES CELLULAR CORPusmexhibit23_1.htm
EX-21 - EX-21 - UNITED STATES CELLULAR CORPUSMexhibit21.htm
EX-13 - EX-13 - UNITED STATES CELLULAR CORPUSMexhibit13.htm
EX-31.2 - EX-31.2 - UNITED STATES CELLULAR CORPusmexhibit31_2.htm
EX-32.1 - EX-32.1 - UNITED STATES CELLULAR CORPusmexhibit32_1.htm
EX-32.2 - EX-32.2 - UNITED STATES CELLULAR CORPusmexhibit32_2.htm
EX-23.3 - EX-23.3 - UNITED STATES CELLULAR CORPusmexhibit23_3.htm
EX-23.2 - EX-23.2 - UNITED STATES CELLULAR CORPUSMexhibit23_2.htm
10-K - 10-K - UNITED STATES CELLULAR CORPusmform10k.htm
EX-31.1 - EX-31.1 - UNITED STATES CELLULAR CORPusmexhibt31_1.htm

Exhibit 12

UNITED STATES CELLULAR CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

For the Year Ended December 31,

 

 

2015

 

2014

 

2013

 

2012

 

2011

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes1

$

403,629 

 

$

(58,704)

 

$

257,656 

 

$

205,053 

 

$

312,822 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  entities

 

(140,083)

 

 

(129,764)

 

 

(131,949)

 

 

(90,364)

 

 

(83,566)

 

Distributions from unconsolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  entities

 

60,041 

 

 

112,336 

 

 

125,660 

 

 

84,417 

 

 

91,768 

 

Amortization of capitalized interest

 

6,049 

 

 

6,116 

 

 

3,704 

 

 

855 

 

 

613 

 

Income attributable to noncontrolling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  interests in subsidiaries that do not have

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  fixed charges

 

(6,180)

 

 

(1,763)

 

 

(6,575)

 

 

(30,122)

 

 

(24,247)

 

 

 

 

323,456 

 

 

(71,779)

 

 

248,496 

 

 

169,839 

 

 

297,390 

Add fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense2

 

86,194 

 

 

57,386 

 

 

43,963 

 

 

42,393 

 

 

65,614 

 

Interest portion (1/3) of consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  rent expense

 

50,994 

 

 

50,791 

 

 

54,019 

 

 

61,305 

 

 

57,187 

 

 

 

$

460,644 

 

$

36,398 

 

$

346,478 

 

$

273,537 

 

$

420,191 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense2

$

86,194 

 

$

57,386 

 

$

43,963 

 

$

42,393 

 

$

65,614 

 

Capitalized interest

 

3,333 

 

 

6,236 

 

 

18,382 

 

 

17,930 

 

 

10,064 

 

Interest portion (1/3) of consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  rent expense

 

50,994 

 

 

50,791 

 

 

54,019 

 

 

61,305 

 

 

57,187 

 

 

 

$

140,521 

 

$

114,413 

 

$

116,364 

 

$

121,628 

 

$

132,865 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

3.28 

 

 

* 

 

 

2.98 

 

 

2.25 

 

 

3.16 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Includes gain on sale of business and other exit costs, net of $113.6 million, $32.8 million and $246.8 million in 2015, 2014 and 2013, respectively, and loss on sale of business and other exit costs, net of $21.0 million in 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Includes gain on license sales and exchanges of $146.9 million, $113.0 million, $255.5 million and $11.8 million in 2015, 2014, 2013 and 2011, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Includes gain on investments of $18.6 million in 2013, loss on investments of $3.7 million in 2012 and gain on investments of $11.4 million in 2011.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Earnings in 2014 were inadequate to cover Fixed charges by $78.0 million.

 



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