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EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
LEVEL 3 COMMUNICATION, INC.
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Nine Months
Ended
September
30, Fiscal Year Ended
------------- ----------------------------
2000 1999 1999 1998 1997 1996 1995
------ ----- ----- ----- ---- ---- ----
($ in millions, except for
ratios)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Earnings (Loss) from
Continuing Operations Before
Taxes....................... $ (748) $(356) $(580) $ (22) $ 70 $116 $ (4)
Interest on Debt, Net of
Capitalized Interest........ 195 132 174 133 15 33 52
Amortization of Capitalized
Interest.................... 14 -- -- -- -- -- --
Interest Expense Portion of
Rental Expense.............. 15 10 13 6 -- 1 --
------ ----- ----- ----- ---- ---- ----
Earnings Available for Fixed
Charges..................... $ (524) $(214) $(393) $ 117 $ 85 $150 $ 48
====== ===== ===== ===== ==== ==== ====
Interest on Debt............. $ 458 $197 $ 289 $ 147 $ 15 $ 38 $ 72
MFS Preferred Dividends...... -- -- -- -- -- -- 8
Interest Expense Portion of
Rental Expense.............. 15 10 13 6 -- 1 --
------ ----- ----- ----- ---- ---- ----
Total Fixed Charges.......... $ 473 $207 $ 302 $ 153 $ 15 $ 39 $ 80
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Ratio of Earnings to Fixed
Charges..................... -- -- -- -- 5.73 3.87 --
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Deficiency................... $ (997) $(421) $(695) $ (36) $-- $-- $(32)
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