Exhibit 12.1
GRAY TELEVISION, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Three Months | ||||||||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||||||||
March 31, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income before income taxes | $ | 17,834 | $ | 105,691 | $ | 65,749 | $ | 79,797 | $ | 31,435 | $ | 47,317 | ||||||||||||
Interest expensed and capitalized(1) | 23,191 | 97,236 | 74,411 | 68,913 | 52,445 | 59,443 | ||||||||||||||||||
Estimate of the interest within rental expense(2) | 313 | 1,155 | 944 | 722 | 521 | - | ||||||||||||||||||
Earnings | $ | 41,338 | $ | 204,082 | $ | 141,104 | $ | 149,432 | $ | 84,401 | $ | 106,760 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expensed and capitalized(1) | $ | 23,191 | $ | 97,236 | $ | 74,411 | $ | 68,913 | $ | 52,445 | $ | 59,443 | ||||||||||||
Estimate of the interest within rental expense(2) | 313 | 1,155 | 944 | 722 | 521 | 511 | ||||||||||||||||||
Fixed charges | $ | 23,504 | $ | 98,391 | $ | 75,355 | $ | 69,635 | $ | 52,966 | $ | 59,954 | ||||||||||||
PREFERRED STOCK DIVIDENDS: | ||||||||||||||||||||||||
Preferred dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4,095 | ||||||||||||
Ratio of income before provision for taxes to net income | - | - | - | - | - | 1.68 | ||||||||||||||||||
Preference security dividend requirements (3) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 6,888 | ||||||||||||
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | $ | 23,504 | $ | 98,391 | $ | 75,355 | $ | 69,635 | $ | 52,966 | $ | 66,842 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.76 | 2.07 | 1.87 | 2.15 | 1.59 | 1.78 | ||||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES ANDPREFERRED DIVIDENDS | 1.60 | |||||||||||||||||||||||
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| (1) | Includes amortization of premiums, discounts and capitalized expenses related to indebtedness. |
(2) | Interest within rental expense is estimated at 33% of rental expense. |
| (3) | Preference security dividend requirements for purposes of the ratio to represent the amount of pre-tax earnings that would be required to pay the dividends on outstanding preference securities of the registrant and other fully or proportionally consolidated entities. Preferred dividend requirements include accretion in the carrying value of redeemable preferred stock. |
