EXHIBIT 12.1
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)
FEBRUARY 28 (29), | ||||||||||||||||||||||||
Pro Forma | ||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | 2004 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 7,597 | $ | 32,870 | $ | (85,451 | ) | $ | 18,780 | $ | 28,129 | $ | 56,082 | |||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 57,018 | 83,580 | 140,749 | 116,085 | 97,863 | 69,910 | ||||||||||||||||||
Amortization of capitalized interest | 74 | 74 | 74 | 74 | 74 | 74 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | 420 | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends | 3,144 | 8,984 | 8,984 | 8,984 | 8,984 | 8,984 | ||||||||||||||||||
Earnings | $ | 61,125 | $ | 107,540 | $ | 46,388 | $ | 125,955 | $ | 117,082 | $ | 117,082 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense (including amortization of debt expenses) | $ | 51,986 | $ | 72,444 | $ | 129,100 | $ | 103,835 | $ | 85,958 | $ | 58,005 | ||||||||||||
Capitalized interest | 420 | — | — | — | — | — | ||||||||||||||||||
Portion of rents representative of the interest factor | 1,468 | 2,152 | 2,665 | 3,266 | 2,921 | 2,921 | ||||||||||||||||||
Preferred stock dividends | 3,144 | 8,984 | 8,984 | 8,984 | 8,984 | 8,984 | ||||||||||||||||||
Fixed Charges | $ | 57,018 | $ | 83,580 | $ | 140,749 | $ | 116,085 | $ | 97,863 | $ | 69,910 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.1 | 1.3 | N/A | 1.1 | 1.2 | 1.7 | ||||||||||||||||||
Deficiency | $ | — | $ | — | $ | 94,361 | $ | — | $ | — | $ | — |