Emmis (EMMS) 10-Q 2008 Q3 Quarterly report

Exhibit 12

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)

	Three Months Ended November 30,						Nine Months Ended November 30,
	2006			2007			2006		2007
EARNINGS:
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(96	)	$	(6,515	)	$	11,315	$	4,280
Add:
Fixed charges		12,443			11,682			42,353		35,625
Amortization of capitalized interest		18			—			55		37
Less:
Preferred stock dividends		2,246			2,246			6,738		6,738
Earnings	$	10,119		$	2,921		$	46,985	$	33,204
FIXED CHARGES:
Interest expense (including amortization of debt expenses)	$	9,505		$	8,692		$	33,621	$	26,678
Portion of rents representative of the interest factor		692			744			1,994		2,209
Preferred stock dividends		2,246			2,246			6,738		6,738
Fixed Charges	$	12,443		$	11,682		$	42,353	$	35,625
Ratio of Earnings to Fixed Charges		N/A			N/A			1.1		N/A
Deficiency	$	2,324		$	8,761		$	—	$	2,421