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Previous: NEW ENGLAND TELEPHONE & TELEGRAPH CO, 8-K, EX-4.B, 2000-06-16 |
Next: WELLS FARGO & CO/MN, S-8 POS, 2000-06-16 |
<PAGE>
Exhibit 12
New England Telephone & Telegraph Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions)
<TABLE>
<CAPTION>
Three Months Ended Years Ended December 31,
March 31, 2000 1999 1998 1997 1996 1995
--------- -------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Income before provision for income taxes,
extraordinary items, and cumulative effect of
change in accounting principle $ 271.4 $ 1,059.3 $ 1,027.7 $ 898.1 $ 1,082.3 $ 837.4
Equity in income of affiliates (4.1) (20.2) (15.7) (18.0) (9.2) (11.1)
Dividends received from equity affiliates 4.6 27.8 21.4 8.3 10.3 8.3
Interest expense 40.3 144.8 153.7 138.9 142.1 153.9
Portion of rent expense representing interest 6.8 25.4 28.0 28.3 27.9 28.4
Amortization of capitalized interest 0.9 3.1 2.2 1.3 0.4 --
--------- -------------------------------------------------------------
Income, as adjusted $ 319.9 $ 1,240.2 $ 1,217.3 $ 1,056.9 $ 1,253.8 $ 1,016.9
========= =============================================================
Fixed charges:
Interest expense $ 40.3 $ 144.8 $ 153.7 $ 138.9 $ 142.1 $ 153.9
Portion of rent expense representing interest 6.8 25.4 28.0 28.3 27.9 28.4
Capitalized interest 3.5 13.9 13.8 13.0 12.5 --
--------- -------------------------------------------------------------
Fixed Charges $ 50.6 $ 184.1 $ 195.5 $ 180.2 $ 182.5 $ 182.3
========= =============================================================
Ratio of Earnings to Fixed Charges 6.32 6.74 6.23 5.87 6.87 5.58
========= =============================================================
</TABLE>
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