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Previous: LIBERTY MEDIA CORP /DE/, S-1/A, EX-5, 2000-06-26 |
Next: LIBERTY MEDIA CORP /DE/, S-1/A, EX-23.1, 2000-06-26 |
<PAGE>
Exhibit 12
Liberty Media Corporation
Calculation of Ratio of Earnings to Fixed Charges
(dollars in millions, except ratios)
(unaudited)
<TABLE>
<CAPTION>
Three One Ten Two
Months Month Months Months
Ended Ended Ended Ended Year Ended December 31,
March 31, March 31, December 31, February 28, --------------------------------------
2000 2000 1999 1999 1998 1997 1996 1995
--------------------- ----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Earnings (losses) before
income taxes 1,679 (66) (3,072) 141 1,083 (645) 1,174 (100)
Add:
Interest on debt 442 29 311 38 178 71 58 61
Interest portion of rentals 4 1 13 2 11 9 13 22
Amortization of debt expense - - 2 1 5 3 1 -
Distributions from and losses
of less than 50% owned
affiliates with debt not
guaranteed by Liberty 100 7 183 31 876 723 310 195
Minority interest in earnings
(losses) of consolidated
subsidiaries 12 - 92 (3) (13) 10 (18) 142
--------------------- ----------------------------------------------------------------------
Earnings available for fixed
charges $ 2,237 (29) (2,471) 210 2,140 171 1,538 320
===================== ======================================================================
Fixed charges:
Interest on debt:
LMC and consolidated
subsidiaries 439 13 288 26 104 40 53 34
Less than 50% owned affiliates
with debt guaranteed by
Liberty 3 2 22 3 16 11 1 2
Liberty's proportionate share
of interest of 50% owned
affiliates - 14 1 9 58 20 4 25
--------------------- ----------------------------------------------------------------------
Total interest on debt 442 29 311 38 178 71 58 61
Interest portion of rentals 4 1 13 2 11 9 13 22
Amortization of debt expense - - 2 1 5 3 1 -
Capitalized interest - - - - - - - -
--------------------- ----------------------------------------------------------------------
Total fixed charges $ 446 30 326 41 194 83 72 83
===================== ======================================================================
Ratio of earnings to fixed
charges 5.02 5.12 11.03 2.06 21.36 3.86
Deficiency $ (59) (2,797)
</TABLE>
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