Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table shows the consolidated ratio of earnings to fixed charges and preferred dividends for Nexstar Broadcasting Group, Inc. for the periods indicated. You should read this table together with the consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Nexstar Broadcasting Group, Inc. included in its Annual Report on Form 10-K, as amended or supplemented to date, as filed with the Securities and Exchange Commission. The ratio of earnings to fixed charges was computed by dividing earnings from continuing operations before income taxes and fixed charges by fixed charges. Fixed charges consist of interest expense, including the amortization of debt discounts and financing costs, and a portion of rent expense deemed representative of the interest factor.
(in thousands, except for ratio amounts) | Years Ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2012 | 2013 | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (83,375 | ) | $ | (12,414 | ) | $ | 4,926 | $ | (6,166 | ) | $ | 45,074 | $ | 4,596 | $ | 1,185 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 48,832 | 39,236 | 54,273 | 53,022 | 51,559 | 12,909 | 16,557 | |||||||||||||||||||||
Estimated interest within rent expense | 2,014 | 2,060 | 2,096 | 1,819 | 1,868 | 464 | 521 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total fixed charges | 50,846 | 41,296 | 56,369 | 54,841 | 53,427 | 13,373 | 17,078 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) before income taxes and fixed charges | $ | (32,529 | ) | $ | 28,882 | $ | 61,295 | $ | 48,675 | $ | 98,501 | $ | 17,969 | $ | 18,263 | |||||||||||||
Ratio of earnings to fixed charges | — | — | 1.09 | — | 1.84 | 1.34 | 1.07 | |||||||||||||||||||||
Deficiency to cover fixed charges(1) | $ | 83,375 | $ | 12,414 | $ | — | $ | 6,166 | $ | — | $ | — | $ | — |
(1) | Coverage deficiency represents the amount by which earnings were insufficient to cover fixed charges. |