<PAGE>   1
                                                                    EXHIBIT 12.1




OPTEL, INC.
DEFICIENCY OF EARNINGS TO FIXED CHARGES


<TABLE>
<CAPTION>
                                                            Period from
                                                           April 20, 1993
                                                             (Date of                      Eight Month      
                                                            Inception) to   Year Ended     Period Ended    Year Ended    Year Ended
                                                             December 31,   December 31,    August 31,     August 31,    August 31,
                                                           ------------------------------------------------------------------------
                                                                1993           1994             1995          1996          1997
                                                                ----           ----             ----          ----          ----


<S>                                                        <C>             <C>            <C>             <C>           <C>        
Loss before income taxes                                   $        (307)  $    (7,944)   $    (10,630)   $    (18,430) $   (48,535)
Plus: fixed charges before capitalized interest                        3           114           1,473           6,402       32,335
                                                           ------------------------------------------------------------------------
   Total loss                                              $        (304)  $    (7,830)   $     (9,157)   $    (12,028) $   (16,200)
                                                           ========================================================================

Fixed charges
   Financial expenses (per financial statements)           $           3   $        76    $      1,268    $      5,999  $    31,414
   Interest factor of rental expense of operating leases            -               38             205             403          921
                                                           ------------------------------------------------------------------------
   Total fixed charges before capitalized interest                     3           114           1,473           6,402       32,335
   Capitalized interest                                             -              -               -             1,850        2,256
                                                           ------------------------------------------------------------------------
   Total fixed charges                                     $           3   $       114    $      1,473    $      8,252  $    34,591
                                                           ========================================================================

Deficiency of earnings to fixed charges                    $         307   $     7,944    $     10,630    $     20,280  $    50,791
                                                           ========================================================================

Operating lease expense per financial statements           $        -      $       113    $        616    $      1,208  $     2,763
                                                           ========================================================================


<CAPTION>
                                                                    Nine Month     Nine Month
                                                                   Period Ended   Period Ended
                                                                     May 31,         May 31,
                                                                  -----------------------------
                                                                       1997           1998 
                                                                       ----           ----
<S>                                                               <C>             <C>
Loss before income taxes                                          $    (31,668)   $    (48,232)
Plus: fixed charges before capitalized interest                         17,638          36,843
                                                                  -----------------------------
   Total loss                                                     $    (14,030)   $    (11,389)
                                                                  =============================
                                                                 
Fixed charges                                            
   Financial expenses (per financial statements)                  $     16,980    $     35,916
   Interest factor of rental expense of operating leases                   658             927
                                                                  -----------------------------
   Total fixed charges before capitalized interest                      17,638          36,843
   Capitalized interest                                                  1,514           2,151
                                                                  -----------------------------
   Total fixed charges                                            $     19,152    $     38,994
                                                                  =============================
                                                                  $     33,182    $     50,383
Deficiency of earnings to fixed charges                           =============================
                                                        
Operating lease expense per financial statements                  $      1,973    $      2,782
                                                                  =============================
</TABLE>