QuickLinks -- Click here to rapidly navigate through this document
SBG
Computation of Ratio of Earnings to Fixed Charges
12/31/2002
| | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income (loss) before provision (benefit) for income taxes from continuing operations | 5,219 | (165,335 | ) | (34,476 | ) | (21,542 | ) | 1,732 | |||||||
| Fixed Charges | 126,500 | 143,574 | 152,219 | 181,569 | 141,704 | ||||||||||
| Earnings available for fixed charges and preferred stock dividends | 131,719 | (21,761 | ) | 117,743 | 160,027 | 143,436 | |||||||||
| Fixed Charges | 126,500 | 143,574 | 152,219 | 181,569 | 141,704 | ||||||||||
| Excess of earnings over fixed charges | $ | 5,219 | $ | (165,335 | ) | $ | (34,476 | ) | $ | (21,542 | ) | $ | 1,732 | ||
| Ratio of earnings to fixed charges | 1.04 | — | — | — | 1.01 | ||||||||||
| Combined Fixed Charges and Preferred Stock Dividends | 142,423 | 159,497 | 169,341 | 198,691 | 158,826 | ||||||||||
| Excess of Earnings over Fixed Charges | 10,704 | 181,258 | 51,598 | 38,664 | 15,390 | ||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | — | — | — | — | — | ||||||||||
SBG
Ratio of Earnings to Fixed Charges
12/02
| | Years ended | | | | | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 9 mo.ended Sept 2000 | 9 mo.ended Sept 2001 | 12 mo. Ended Dec 2001 | 12 mo. Ended Dec 2002 | ||||||||||||||
| | 1996 | 1997 | 1998 | 1999 | 2000 | |||||||||||||
| Fixed Charges | 85,055 | 99,493 | 141,704 | 181,569 | 152,219 | 115,959 | 107,733 | 143,574 | 126,500 | |||||||||
| Pref Stock Divid | — | 2,763 | 10,350 | 10,350 | 10,350 | 7,763 | 7,763 | 10,350 | 10,350 | |||||||||
| Divided by (1—Tax rate) | — | 0.6045 | 0.6045 | 0.6045 | 0.6045 | 0.6045 | 0.6500 | 0.6500 | 0.6500 | |||||||||
| — | 4,571 | 17,122 | 17,122 | 17,122 | 12,842 | 11,943 | 15,923 | 15,923 | ||||||||||
| Sum of Fixed Charges and adjusted preferred stock | — | 104,064 | 158,826 | 198,691 | 169,341 | 128,801 | 119,676 | 159,497 | 142,423 | |||||||||
- A
- The earnings over fixed charges is always disclosed net of taxes. In accordance with the "Handbook of SEC Accounting & Disclosures" the tax rate that should be used in this disclosure item is the effective tax rate from continuing operations. It is Sinclair's policy to use the effective tax rate for the SBG corporate parent with its operations in Maryland for this disclosure. This is because Sinclair's effective tax rate from continuing operations has ranged from as high as 511% to as low as 15%, and these rates would be misleading for the purposes of this disclosure. As such, the effecitve tax rate for years prior to 2001 should have been 39.55% (comprised of a 35% federal statutory rate plus a 4.55% state rate net of federal effect). For 2001 and future years, the effective tax rate should be 35.0% (comprised only of the federal statutory rate—because SBG doesn't not expect to be a taxpayer for state purposes in the near-term future). Dave Bochenek, D.J. Vail, Karen Barger, and Bryan Knepley agreed that using this methodology is appropriate on February 20, 2002.
SBG Computation of Ratio of Earnings to Fixed Charges 12/31/2002
SBG Ratio of Earnings to Fixed Charges 12/02