Exhibit 12
iHeartMedia Capital I, LLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Year Ended December 31, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
| (dollars in thousands) | 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | |||||||||||||||||||||
| Computation of earnings: | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | (4,521,667 | ) | $ | (628,535 | ) | $ | (420,965 | ) | $ | (738,026 | ) | $ | (627,638 | ) | $ | (453,529 | ) | $ | (610,463 | ) | |||||||
Distributed income (loss) from equity investees | 20,901 | 11,084 | 18,527 | 20,122 | 19,994 | 17,442 | 228 | |||||||||||||||||||||
Fixed charges | 1,896,482 | 1,919,554 | 1,872,749 | 1,948,406 | 2,053,888 | 1,531,249 | 1,615,697 | |||||||||||||||||||||
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Total earnings | $ | (2,604,284 | ) | $ | 1,302,103 | $ | 1,470,311 | $ | 1,230,502 | $ | 1,446,244 | $ | 1,095,162 | $ | 1,005,462 | |||||||||||||
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Computation of fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 1,500,866 | 1,533,341 | 1,466,246 | 1,549,023 | 1,649,451 | 1,231,437 | 1,304,335 | |||||||||||||||||||||
Portion of rent expense representative of interest(1) | 395,616 | 386,213 | 406,503 | 399,383 | 404,437 | 299,812 | 311,362 | |||||||||||||||||||||
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Total fixed charges | $ | 1,896,482 | $ | 1,919,554 | $ | 1,872,749 | $ | 1,948,406 | $ | 2,053,888 | $ | 1,531,249 | $ | 1,615,697 | ||||||||||||||
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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 years ended December 31, 2013, 2012, 2011, 2010, and 2009, and the nine months ended September 30, 2014 and 2013, earnings available for fixed charges were inadequate to cover fixed charges by $607.6 million, $717.9 million, $402.4 million, $617.5 million, $4,500.8 million, $610.2 million and $436.1 million, respectively. |