EXHIBIT 12.1
STATEMENTS REGARDING COMPUTATION OF RATIOS
Ratio of Earnings to Fixed Charges
| Six Months Ended | Years Ended December 31 | ||||||||||||||||||||
| June 30, 2003 | June 30, 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
| Fixed Charges: | (dollars in thousands) | ||||||||||||||||||||
Interest charges | $ | 10,072 | $ | 9,669 | $ | 28,196 | $ | 21,446 | $ | 6,838 | $ | 6,632 | $ | 8,068 | |||||||
Interest portion of rent expense | 63 | 41 | 89 | 56 | 15 | 30 | 22 | ||||||||||||||
Total fixed charges | $ | 10,135 | $ | 9,710 | $ | 28,285 | $ | 21,502 | $ | 6,853 | $ | 6,662 | $ | 8,090 | |||||||
Earnings: | |||||||||||||||||||||
Earnings | $ | 7,263 | $ | 5,001 | $ | 245 | $ | 1,870 | $ | 15,528 | $ | 7,782 | $ | 4,306 | |||||||
Interest charges | 10,072 | 9,669 | 28,196 | 21,446 | 6,838 | 6,632 | 8,068 | ||||||||||||||
Interest portion of rent expense | 63 | 41 | 89 | 56 | 15 | 30 | 22 | ||||||||||||||
Total earnings | $ | 17,398 | $ | 14,711 | $ | 28,530 | $ | 23,372 | $ | 22,381 | $ | 14,444 | $ | 12,396 | |||||||
Ratio of earnings to fixed charges | 1.7x | 1.5x | 1.0x | 1.1x | 3.3x | 2.2x | 1.5x | ||||||||||||||
Ratio of Net Debt to Adjusted EBITDA
| As of June 30, 2003 | ||||||||
| Actual | As Adjusted | |||||||
Total debt | $ | 279,656 | $ | 281,496 | ||||
Cash and cash equivalents | (1,804 | ) | (1,804 | ) | ||||
Net debt | $ | 277,852 | 279,692 | |||||
Net income | $ | 2,446 | $ | 2,446 | ||||
Income tax expense | 61 | 61 | ||||||
Loss on sale of property and equipment | 392 | 392 | ||||||
Interest expense, net | 28,491 | 28,491 | ||||||
Impairment of broadcast license | 1,750 | 1,750 | ||||||
Depreciation and amortization | 3,265 | 3,265 | ||||||
Noncash employee compensation | 2,216 | 2,216 | ||||||
Adjusted EBITDA | $ | 38,621 | $ | 38,621 | ||||
Ratio of net debt to Adjusted EBITDA | 7.2x | 7.2x | ||||||