Clear Channel Adshel S-4 Registration of securities issued in business combination transactions

Exhibit 12

CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Year Ended December 31,														Three Months Ended
	2012			2011		2010			2009			2008			March 31,
(dollars in thousands)	Post-Merger			Post-Merger		Post-Merger			Post-Merger			Combined			2013			2012
Computation of earnings:
Income (loss) before income taxes and adjustment for (income) loss from equity investees	$	(267,142	)	$	100,486	$	(44,882	)	$	(990,203	)	$	(3,140,428	)	$	(78,670	)	$	(60,908	)
Distributed income (loss) from equity investees		46			3,190		2,332			3,317			15,548			-			-
Fixed charges		727,783			602,677		578,087			504,615			571,803			175,003			154,752
Total earnings	$	460,687		$	706,353	$	535,537		$	(482,271	)	$	(2,553,077	)	$	96,333		$	93,844
Computation of fixed charges:
Interest expense		373,876			242,435		239,453			154,919			165,102			88,093			67,831
Portion of rent expense representative of interest		353,907			360,242		338,634			349,696			406,701			86,910			86,921
Total fixed charges	$	727,783		$	602,677	$	578,087		$	504,615		$	571,803		$	175,003		$	154,752
Ratio of earnings to fixed charges		N/A			1.17		N/A			N/A			N/A			N/A			N/A