ALLTEL Corporation
Exhibit 12
Statements Re: Computation of Ratios The following table sets forth certain selected financial information relating to the Company: For the years ended December 31,(Dollars in millions)
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Earnings:Income from
continuing operations before income taxes
    
    $
    1,592.0
    
    
    $
    1,534.1
    
    
    $
    1,360.3
    
    
    $
    1,631.0
    
    
    $
    3,208.0Minority interest in consolidated partnerships
    
    
    80.1
    
    
    
    78.6
    
    
    
    73.4
    
    
    
    75.2
    
    
    
    98.0Equity earnings in unconsolidated partnerships
    
    
    (68.5
    )
    
    
    (64.4
    )
    
    
    (65.8
    )
    
    
    (57.0
    )
    
    
    (120.4
    )Fixed charges
    
    
    435.8
    
    
    
    445.2
    
    
    
    416.1
    
    
    
    312.7
    
    
    
    329.6Amortization of capitalized interest
    
    
    10.5
    
    
    
    9.1
    
    
    
    7.8
    
    
    
    6.5
    
    
    
    4.9Distributed income of equity investees
    
    
    78.2
    
    
    
    46.6
    
    
    
    46.8
    
    
    
    50.7
    
    
    
    87.52,128.1
    
    
    
    2,049.2
    
    
    
    1,838.6
    
    
    
    2,019.1
    
    
    
    3,607.6Less: Interest capitalized
    
    
    (14.4
    )
    
    
    (12.7
    )
    
    
    (12.8
    )
    
    
    (16.1
    )
    
    
    (14.1
    )Minority interest in consolidated partnerships
    
    
    (80.1
    )
    
    
    (78.6
    )
    
    
    (73.4
    )
    
    
    (75.2
    )
    
    
    (98.0
    )Earnings, as adjusted
    
    $
    2,033.6
    
    
    $
    1,957.9
    
    
    $
    1,752.4
    
    
    $
    1,927.8
    
    
    $
    3,495.5Fixed Charges:Interest expense
    
    $
    352.5
    
    
    $
    378.6
    
    
    $
    355.1
    
    
    $
    261.2
    
    
    $
    284.3Interest capitalized
    
    
    14.4
    
    
    
    12.7
    
    
    
    12.8
    
    
    
    16.1
    
    
    
    14.1Amortization of debt expense
    
    
    7.3
    
    
    
    7.5
    
    
    
    5.4
    
    
    
    3.2
    
    
    
    2.3Interest portion of operating rents
    
    
    61.6
    
    
    
    46.4
    
    
    
    42.8
    
    
    
    32.2
    
    
    
    28.9Total fixed charges
    
    $
    435.8
    
    
    $
    445.2
    
    
    $
    416.1
    
    
    $
    312.7
    
    
    $
    329.6Ratio of earnings to fixed charges
    
    
    4.67
    (1)
    
    
    4.40
    (2)
    
    
    4.21
    (3)
    
    
    6.17
    (4)
    
    
    10.61
    (5)Fixed charges
    
    $
    435.8
    
    
    $
    445.2
    
    
    $
    416.1
    
    
    $
    312.7
    
    
    $
    329.6Preferred stock dividends
    
    
    0.2
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    0.2Total fixed charges and preferred stock dividends
    
    $
    436.0
    
    
    $
    445.4
    
    
    $
    416.3
    
    
    $
    312.9
    
    
    $
    329.8Ratio of earnings to combined fixed charges
and preferred stock dividends
    
    
    4.66
    (1)
    
    
    4.40
    (2)
    
    
    4.21
    (3)
    
    
    6.16
    (4)
    
    
    10.60
    (5)


ALLTEL Corporation
Exhibit 12
Statements Re: Computation of Ratios

Notes:
For purposes of this calculation, earnings consist of the sum of income before taxes and adjustments for minority interest in consolidated subsidiaries and
income from equity investees, fixed charges, amortization of capitalized
interest, and distributed income of equity investees less amounts for capitalized interest and the minority interest in
pretax income of subsidiaries that have not incurred fixed charges. Fixed charges consist of interest on indebtedness,
capitalized interest, amortized expenses related to indebtedness
and the portion of rental expense representative of the
interest factor.  (1)
    Income before taxes for 2004 included pretax charges of $28.4 million related to a planned workforce reduction and the exit of its competitive local exchange
carrier operations in the Jacksonville, Florida market. Income before taxes also includes a $2.3 million reduction in the liabilities associated with
various restructuring activities initiated prior to 2003. Income before taxes also includes a write-down of $24.8 million in the carrying value of certain
corporate and regional facilities to fair value in conjunction with the proposed leasing or sale of those facilities. Excluding these items, the ratio of earnings
to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends would both have been 4.78 for 2004.(2)
    Income before taxes for 2003 included pretax charges totaling $19.0 million consisting of charges of $8.5 million related to the closing of certain call center
locations, the write-off of $13.2 million of certain capitalized software development costs with no alternative future use or functionality and a $2.7 million
reduction in the liabilities associated with various restructuring activities initiated prior to 2003. Income before taxes also included a pretax gain of $31.0
million realized from the sale of certain assets of the Companys operations, partially offset by pretax write-downs totaling $6.0 million to reflect other-than-temporary declines in the fair value of certain investments in unconsolidated limited partnerships.
    The net effects of these items would not have resulted in a change to either
    the ratio of earnings to fixed charges and the ratio of earnings to combined
    fixed charges and preferred stock dividends for 2003.(3)
    Income before taxes for 2002 included pretax charges totaling $69.9 million consisting of a pretax charge of $34.0 million incurred in connection with
restructuring the Companys operations and with the closing of seven product distribution centers, charges of $28.8 million incurred in connection with
its acquisitions of wireline properties from Verizon Communications, Inc. and wireless properties from CenturyTel, Inc., and write-downs of $7.1
million in the carrying value of cell site equipment. Income before taxes also included a pretax gain of $22.1 million realized from the sale of a wireless
property, partially offset by pretax write-downs of $16.3 million related to investments in marketable securities. Income before taxes also included a $4.8
million pretax adjustment to reduce the gain recognized from the dissolution of a wireless partnership that was initially recorded in 2001. Excluding these
items, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends would both have been 4.79
for 2002.(4)
    Income before taxes for 2001 included pretax gains totaling $360.5 million and consisted of a $347.8 million pretax gain from the sale of PCS licenses, a pretax
gain of $9.5 million from the dissolution of a wireless partnership and a pretax gain of $3.2 million from the sale of certain investments. Income before taxes
also included pretax charges totaling $79.2 million consisting of termination fees of $2.9 million incurred in connection with the early retirement of long-term
debt, charges of $61.2 million incurred in connection with the restructuring of the Companys operations and write-downs of $15.1 million in the carrying
value of cell site equipment. Excluding these items, the ratio of earnings to fixed charges would have been 5.27 for 2001 and the ratio of earnings to
combined fixed charges and preferred stock dividends would have been 5.26 for 2001.(5)
    Income before taxes for 2000 included pretax gains totaling $1,943.5 million and consisted of a pretax gain of $1,345.5 million from the exchange of wireless
properties with Bell Atlantic and GTE, a pretax gain of $36.0 million from the sale of certain PCS assets and a pretax gain of $562.0 million from the sale
of investments, principally consisting of WorldCom common stock. Income before taxes also included pretax charges totaling $51.9 million consisting of a
$15.0 million write-down of an investment, integration and other charges of $25.4 million incurred in connection with the acquisition of wireless assets and
certain restructuring activities of the Companys information services business and a $11.5 million charge incurred in connection with a litigation settlement.
Excluding these items, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends would both
have been 4.80 for 2000.