EX-12.1 13 d430932dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

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)

 

     Three
Months
Ended
March 31,		     Years Ended December 31,  
     2017     2016     2015     2014     2013     2012  

Computation of earnings:

             

Income (loss) from continuing operations before income taxes

    $ 123,507     $ 373,854     $ 473,829     $ 335,070     $ 251,001     $ 64,853  

Add:

             

Fixed charges (as computed below)

      194,802       748,001       750,968       791,386       752,241       717,672  

Subtract:

             

Interest capitalized

      (2,193 )      (7,010 )      (4,805 )      (2,985 )      (1,832 )      (2,335 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 316,116     $ 1,114,845     $ 1,219,992     $ 1,123,471     $ 1,001,410     $ 780,190  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Computation of fixed charges and combined fixed charges and preferred stock dividends and losses on purchases of preferred stock:

             

Interest expense

    $ 129,935     $ 495,945     $ 487,355     $ 491,581     $ 491,041     $ 491,184  

Amortized premiums, discounts and capitalized expenses related to indebtedness

      4,495       19,087       39,773       81,710       98,589       109,860  

Interest capitalized

      2,193       7,010       4,805       2,985       1,832       2,335  

Interest component of operating lease expense

      58,179       225,959       219,035       215,110       160,779       114,293  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

      194,802       748,001       750,968       791,386       752,241       717,672  

Dividends on preferred stock and losses on purchases of preferred stock

      —         32,991       43,988       43,988       11,363       2,629  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock dividends and losses on purchases of preferred stock

    $ 194,802     $ 780,992     $ 794,956     $ 835,374     $ 763,604     $ 720,301  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.6       1.5       1.6       1.4       1.3       1.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Deficiency) excess of earnings to cover fixed charges

    $ 121,314     $ 366,844     $ 469,024     $ 332,085     $ 249,169     $ 62,518  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividends and losses on purchases of preferred stock

      1.6       1.4       1.5       1.3       1.3       1.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Deficiency) excess of earnings to cover combined fixed charges and preferred stock dividends and losses on purchases of preferred stock

    $ 121,314     $ 333,853     $ 425,036     $ 288,097     $ 237,806     $ 59,889