<PAGE>
 
                                                                    EXHIBIT 12.1
 
        STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED 
                  CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands)

<TABLE>    
<CAPTION>
                                         AMERICAN
                                         CELLULAR         
                                   --------------------                   
                                      FOR THE PERIOD   
                                     FROM FEBRUARY 26,                     
                                      1998 (DATE OF
                                     FORMATION) THROUGH                       
                                     DECEMBER 31, 1998    
                                   --------------------          
<S>                                 <C>                                 
Interest                               $ 61,477                
Interest portion of                                                     
 rent expense                               905                
Preferred stock                                                         
 dividend requirement                    21,375                
                                       --------                
Fixed Charges                          $ 83,757                
                                       ========              
Consolidated pretax                                                     
 loss from continuing                                                   
 operations                            $(39,869)              
                                                                        
Fixed charges per above                  83,757                
Preferred stock                                                        
 dividend requirement                   (21,375)                
                                       --------                
Earnings                               $ 22,513              
                                       ========                
Ratio of Earnings to                                                             
 Fixed Charges                                                                   
</TABLE>

<TABLE> 
<CAPTION> 
                                                       PRICELLULAR
                          -----------------------------------------------------------------
                            SIX MONTHS                                                          
                           ENDED JUNE 30,                YEAR ENDED DECEMBER 31,         
                             1998             1997          1996         1995        1994       
                          ------------------------------------------------------------------
<S>                       <C>             <C>           <C>           <C>           <C>         
Interest                     $38,955        $ 67,392      $ 47,076       $22,953     $ 2,236    
Interest portion of                                                                             
 rent expense                    667           1,139           793           292          47    
Preferred stock                                                                                 
 dividend requirement          3,357           6,540         6,178            --          --    
                             -------        --------      --------       -------     -------    
Fixed Charges                $42,979        $ 75,071      $ 54,047       $23,245     $ 2,283    
                             =======        ========      ========       =======     =======    
Consolidated pretax                                                                             
 loss from continuing                                                                           
 operations                  $(6,286)       $(13,631)     $(23,043)      $(7,711)    $(1,440)   
                                                                                                
                                                                                                
Fixed charges per above       42,979          75,071        54,047        23,245       2,283    
Preferred stock                                                                                 
 dividend requirement         (3,357)         (6,540)       (6,178)           --          --    
                             -------        --------      --------       -------     -------    
Earnings                     $33,336        $ 54,900      $ 24,826       $15,534     $   843    
                             =======        ========      ========       =======     =======    
Ratio of Earnings to                                                                            
 Fixed Charges                                                                                  
                                                                                                

</TABLE>
 
(1) The ratio of earnings to combined fixed charges and preferred stock
    dividends is not meaningful for periods that result in a deficit. For the
    PriCellular six months ended June 30, 1998 and the years ended December 31,
    1997, 1996, 1995, and 1994 the deficit of earnings to combined fixed charges
    and preferred stock dividends was $9,643, $20,171, $29,221, $7,711, and
    $1,440 respectively. For the American Cellular period from February 26, 1998
    (date of formation) through December 31, 1998, the deficit of earnings to
    combined fixed charges and preferred stock dividends was $61,244.