Attached files
EXHIBIT 12
CROWN CASTLE INTERNATIONAL CORP.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Years Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Computation of earnings: | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 473,829 | $ | 335,070 | $ | 251,001 | $ | 64,853 | $ | 151,196 | |||||||||
Add: | |||||||||||||||||||
Fixed charges (as computed below) | 750,968 | 791,386 | 752,241 | 717,672 | 611,522 | ||||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | (4,805 | ) | (2,985 | ) | (1,832 | ) | (2,335 | ) | (265 | ) | |||||||||
$ | 1,219,992 | $ | 1,123,471 | $ | 1,001,410 | $ | 780,190 | $ | 762,453 | ||||||||||
Computation of fixed charges and combined fixed charges and preferred stock dividends and losses on purchases of preferred stock: | |||||||||||||||||||
Interest expense | $ | 487,355 | $ | 491,581 | $ | 491,041 | $ | 491,184 | $ | 404,968 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 39,773 | 81,710 | 98,589 | 109,860 | 102,883 | ||||||||||||||
Interest capitalized | 4,805 | 2,985 | 1,832 | 2,335 | 265 | ||||||||||||||
Interest component of operating lease expense | 219,035 | 215,110 | 160,779 | 114,293 | 103,406 | ||||||||||||||
Fixed charges | 750,968 | 791,386 | 752,241 | 717,672 | 611,522 | ||||||||||||||
Dividends on preferred stock and losses on purchases of preferred stock | 43,988 | 43,988 | 11,363 | 2,629 | 22,940 | ||||||||||||||
Combined fixed charges and preferred stock dividends and losses on purchases of preferred stock | $ | 794,956 | $ | 835,374 | $ | 763,604 | $ | 720,301 | $ | 634,462 | |||||||||
Ratio of earnings to fixed charges | 1.6 | 1.4 | 1.3 | 1.1 | 1.2 | ||||||||||||||
(Deficiency) excess of earnings to cover fixed charges | $ | 469,024 | $ | 332,085 | $ | 249,169 | $ | 62,518 | $ | 150,931 | |||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends and losses on purchases of preferred stock | 1.5 | 1.3 | 1.3 | 1.1 | 1.2 | ||||||||||||||
(Deficiency) excess of earnings to cover combined fixed charges and preferred stock dividends and losses on purchases of preferred stock | $ | 425,036 | $ | 288,097 | $ | 237,806 | $ | 59,889 | $ | 127,991 | |||||||||