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10-Q
 filed this Form 10-Q on 10/31/2017
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Exhibit


Exhibit 12

AMERICAN TOWER CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table reflects the computation of the ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends for the periods presented (in thousands):
 
 
 
 
 
Nine months ended September 30,
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
2017
Computation of Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and income on equity method investments
 
$
701,294

 
$
541,749

 
$
865,704

 
$
829,962

 
$
1,125,860

 
$
1,114,739

Add:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
403,150

 
459,779

 
581,716

 
596,769

 
718,288

 
560,381

Operating leases
 
125,706

 
148,573

 
196,491

 
241,430

 
295,861

 
242,759

Amortization of interest capitalized
 
2,315

 
2,406

 
2,547

 
2,638

 
2,711

 
2,042

Earnings as adjusted
 
1,232,465

 
1,152,507

 
1,646,458

 
1,670,799

 
2,142,720

 
1,919,921

Computation of fixed charges and combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
403,150

 
459,779

 
581,716

 
596,769

 
718,288

 
560,381

Interest capitalized
 
1,926

 
1,817

 
2,822

 
1,831

 
1,463

 
214

Operating leases
 
125,706

 
148,573

 
196,491

 
241,430

 
295,861

 
242,759

Fixed charges
 
530,782

 
610,169

 
781,029

 
840,030

 
1,015,612

 
803,354

Dividends on preferred stock
 

 

 
23,888

 
90,163

 
107,125

 
68,531

Combined fixed charges and preferred stock dividends
 
530,782

 
610,169

 
804,917

 
930,193

 
1,122,737

 
871,885

Excess in earnings required to cover fixed charges
 
$
701,683

 
$
542,338

 
$
865,429

 
$
830,769

 
$
1,127,108

 
$
1,116,567

Ratio of earnings to fixed charges (2)
 
2.32

 
1.89

 
2.11

 
1.99

 
2.11

 
2.39

Excess in earnings required to cover combined fixed charges and preferred stock dividends
 
$
701,683

 
$
542,338

 
$
841,541

 
$
740,606

 
$
1,019,983

 
$
1,048,036

Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.32

 
1.89

 
2.05

 
1.80

 
1.91

 
2.20

_______________
(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 purposes of this calculation, “earnings” consists of income from continuing operations before income taxes and income on equity method investments, as well as fixed charges (excluding interest capitalized and amortization of interest capitalized). “Fixed charges” consists of interest expensed and capitalized, amortization of debt discounts, premiums 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.



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