EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Verizon Communications Inc. and Subsidiaries
| (dollars in millions) | ||||||||||||||||||||
| Years Ended December 31, | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
| Earnings: |
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| Income before (provision) benefit for income taxes |
$ | 29,277 | $ | 9,897 | $ | 10,483 | $ | 12,684 | $ | 13,520 | ||||||||||
| Equity in earnings of unconsolidated businesses |
(142 | ) | (324 | ) | (444 | ) | (508 | ) | (553 | ) | ||||||||||
| Dividends from unconsolidated businesses |
40 | 401 | 480 | 510 | 942 | |||||||||||||||
| Interest expense (1) |
2,667 | 2,571 | 2,827 | 2,523 | 3,102 | |||||||||||||||
| Portion of rent expense representing interest |
851 | 837 | 817 | 837 | 839 | |||||||||||||||
| Amortization of capitalized interest |
177 | 162 | 148 | 139 | 134 | |||||||||||||||
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| Earnings, as adjusted |
$ | 32,870 | $ | 13,544 | $ | 14,311 | $ | 16,185 | $ | 17,984 | ||||||||||
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| Fixed Charges: |
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| Interest expense (1) |
$ | 2,667 | $ | 2,571 | $ | 2,827 | $ | 2,523 | $ | 3,102 | ||||||||||
| Portion of rent expense representing interest |
851 | 837 | 817 | 837 | 839 | |||||||||||||||
| Capitalized interest |
754 | 406 | 442 | 964 | 927 | |||||||||||||||
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| Fixed Charges |
$ | 4,272 | $ | 3,814 | $ | 4,086 | $ | 4,324 | $ | 4,868 | ||||||||||
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| Ratio of earnings to fixed charges |
7.69 | 3.55 | 3.50 | 3.74 | 3.69 | |||||||||||||||
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| (1) | We classify interest expense recognized on uncertain tax positions as income tax expense and therefore such interest expense is not included in the Ratio of Earnings to Fixed Charges. |