Exhibit 12
iHeart Communications, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
| (dollars in thousands) | 2010 | 2011 | 2012 | 2013 | 2014 | 2014 | 2015 | |||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | (628,535 | ) | $ | (420,965 | ) | $ | (738,026 | ) | $ | (627,638 | ) | $ | (694,253 | ) | $ | (350,676 | ) | $ | (330,360 | ) | |||||||
Distributed income (loss) from equity investees | 11,084 | 18,527 | 20,122 | 19,994 | 1,228 | 228 | — | |||||||||||||||||||||
Fixed charges | 1,919,554 | 1,872,749 | 1,948,406 | 2,053,888 | 2,151,381 | 531,024 | 539,031 | |||||||||||||||||||||
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Total earnings | $ | 1,302,103 | $ | 1,470,311 | $ | 1,230,502 | $ | 1,446,244 | $ | 1,446,244 | $ | 180,576 | $ | 208,671 | ||||||||||||||
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Computation of fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 1,533,341 | 1,466,246 | 1,549,023 | 1,649,451 | 1,741,596 | 431,114 | 441,771 | |||||||||||||||||||||
Portion of rent expense representative of interest(1) | 386,213 | 406,503 | 399,383 | 404,437 | 409,785 | 99,910 | 97,260 | |||||||||||||||||||||
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Total fixed charges | $ | 1,919,554 | $ | 1,872,749 | $ | 1,948,406 | $ | 2,053,888 | $ | 2,151,381 | $ | 531,024 | $ | 539,031 | ||||||||||||||
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Ratio of earnings to fixed charges(2) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
| (1) | Imputed interest on operating leases is estimated to be approximately one-third of rent expense. |
| (2) | For the three months ended March 31, 2015 and 2014 and for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $330.4 million, $350.4 million, $693.0 million, $607.6 million, $717.9 million, $402.4 million and $617.5 million, respectively. |