Exhibit 12.1
Radio One, Inc.
Calculation of Ratio of Earnings to Fixed Charges
(in thousands of U.S. dollars except for ratios)
Calculation of Ratio of Earnings to Fixed Charges
(in thousands of U.S. dollars except for ratios)
| Three Months | |||||||||||||||||||||||||||||
| Ended | |||||||||||||||||||||||||||||
| March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
| 2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
| (Loss) income from continuing operations before provision for (benefit from) income taxes(1) | $ | (18,443 | ) | $ | (4,969 | ) | $ | (22,450 | ) | $ | (39,729 | ) | $ | (336,716 | ) | $ | (196,466 | ) | $ | 38,499 | |||||||||
| Plus: fixed charges | 19,475 | 9,408 | 47,524 | 39,050 | 60,401 | 73,730 | 73,877 | ||||||||||||||||||||||
| Less: equity in income (loss) of affiliated company | 3,079 | 909 | 5,558 | 3,653 | (3,652 | ) | (15,836 | ) | (2,341 | ) | |||||||||||||||||||
| Plus: dividends received from affiliated company | — | 1,325 | 7,800 | 4,826 | — | — | — | ||||||||||||||||||||||
| Total | $ | (2,047 | ) | $ | 4,855 | $ | 27,316 | $ | 494 | $ | (272,663 | ) | $ | (106,900 | ) | $ | 114,717 | ||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||
| Interest expense | $ | 19,333 | $ | 9,235 | $ | 46,834 | $ | 38,404 | $ | 59,689 | $ | 72,770 | $ | 72,932 | |||||||||||||||
| Estimate of the interest within operating leases | 142 | 173 | 690 | 646 | 712 | 960 | 945 | ||||||||||||||||||||||
| Total | $ | 19,475 | $ | 9,408 | $ | 47,524 | $ | 39,050 | $ | 60,401 | $ | 73,730 | $ | 73,877 | |||||||||||||||
| Actual ratio of earnings to fixed charges(2) | — | — | — | — | — | — | 1.55 | ||||||||||||||||||||||
| Pro forma ratio of earnings to fixed charges(3) | — | — | |||||||||||||||||||||||||||
| Supplemental pro forma ratio of earnings to fixed charges(4) | — | — | — | ||||||||||||||||||||||||||
| (1) | For purposes of calculating the ratio of earnings to fixed charges, earnings represent income (loss) before income taxes plus fixed charges. | |
| (2) | Earnings were insufficient to cover fixed charges by approximately $196.5 million, $336.7 million, $39.7 million and $22.5 million for the fiscal years 2007, 2008, 2009 and 2010, respectively, and by approximately $5.0 million and $18.4 million for the three months ended March 31, 2010 and 2011, respectively. | |
| (3) | Earnings were insufficient to cover fixed charges for the fiscal year and for the three months ended March 31, 2010 when giving effect to the increase in interest expense due to the refinancing | |
| (4) | Earnings were insufficient to cover fixed charges for the fiscal year and for the three months ended March 31, 2011 and 2010, respectively, when giving effect to the increase in interest expense due to the refinancing and the consolidation of TV One. |