Exhibit 12.1
SINCLAIR BROADCAST GROUP, INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011, 2010, 2009, and 2008
(DOLLARS IN THOUSANDS)
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| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Income (loss) before (provision) benefit for income taxes from continuing operations |
| $ | 212,340 |
| $ | 121,373 |
| $ | 115,851 |
| $ | (170,460 | ) | $ | (369,884 | ) |
Adjustments: |
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(Earnings) loss of equity investees |
| (9,670 | ) | (3,269 | ) | 4,861 |
| (354 | ) | 2,703 |
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Dividends and distributions of income from equity investees |
| 10,339 |
| 6,031 |
| 999 |
| 1,028 |
| 1,693 |
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Total interest expense (a) |
| 128,553 |
| 106,128 |
| 116,046 |
| 80,021 |
| 87,634 |
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Portion of rents representative of the interest factor (b) |
| 2,239 |
| 1,302 |
| 1,241 |
| 1,379 |
| 1,438 |
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Earnings (loss), as adjusted |
| $ | 343,801 |
| $ | 231,565 |
| $ | 238,998 |
| $ | (88,386 | ) | $ | (276,416 | ) |
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Fixed charges: |
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Total interest expense (c) |
| $ | 128,553 |
| $ | 106,692 |
| $ | 118,407 |
| $ | 81,739 |
| $ | 88,396 |
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Portion of rents representative of the interest factor |
| 2,239 |
| 1,302 |
| 1,241 |
| 1,379 |
| 1,438 |
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Total fixed charges |
| $ | 130,792 |
| $ | 107,994 |
| $ | 119,648 |
| $ | 83,118 |
| $ | 89,834 |
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Preferred stock dividends (d) |
| — |
| — |
| — |
| — |
| — |
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Total combined fixed charges and preferred stock dividends (d) |
| $ | 130,792 |
| $ | 107,994 |
| $ | 119,648 |
| $ | 83,118 |
| $ | 89,834 |
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Ratio of earnings to fixed charges (e) |
| 2.63 |
| 2.14 |
| 2.00 |
| — |
| — |
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Ratio of earnings to combined fixed charges and preferred stock dividends (e) |
| 2.63 |
| 2.14 |
| 2.00 |
| — |
| — |
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(a) Consists of interest expense on all debt, including amortization of debt discount/premium and amortization of deferred financing costs.
(b) Management believes this portion is representative of the interest factor.
(c) Consists of interest expense on all debt, including amortization of debt discount/premium and amortization of deferred financing costs, as well as capitalized interest.
(d) There was no preferred stock issued or outstanding for any period presented in the table.
(e) Due to the losses for 2009 and 2008, the ratio coverage was less than 1.1 for those respective years. The deficiency of earnings to cover fixed charges was $171.5 million and $366.3 million for 2009 and 2008, respectively.