Exhibit 12.1
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)
FEBRUARY 28 (29), | Pro Forma | |||||||||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | 2005 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 34,597 | $ | (85,650 | ) | $ | 10,241 | $ | 18,718 | $ | (24,041 | ) | $ | (54,299 | ) | |||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 83,072 | 140,456 | 115,867 | 97,863 | 78,810 | 109,068 | ||||||||||||||||||
Amortization of capitalized interest | 74 | 74 | 74 | 74 | 74 | 74 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends | 8,984 | 8,984 | 8,984 | 8,984 | 8,984 | 8,984 | ||||||||||||||||||
Earnings | $ | 108,759 | $ | 45,896 | $ | 117,198 | $ | 107,671 | $ | 45,859 | $ | 45,859 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense (including amortization of debt expenses) | $ | 71,936 | $ | 128,807 | $ | 103,617 | $ | 85,958 | $ | 66,657 | $ | 96,915 | ||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Portion of rents representative of the interest factor | 2,152 | 2,665 | 3,266 | 2,921 | 3,169 | 3,169 | ||||||||||||||||||
Preferred stock dividends | 8,984 | 8,984 | 8,984 | 8,984 | 8,984 | 8,984 | ||||||||||||||||||
Fixed Charges | $ | 83,072 | $ | 140,456 | $ | 115,867 | $ | 97,863 | $ | 78,810 | $ | 109,068 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.3 | 0.3 | 1.0 | 1.1 | 0.6 | 0.4 | ||||||||||||||||||
Deficiency | $ | — | $ | 94,560 | $ | — | $ | — | $ | 32,951 | $ | 63,209 |