Exhibit 12
CLEAR CHANNEL COMMUNICATIONS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Predecessor | Successor | |||||||||||||||||||||||||
| July 30, 2008 | Period from July 31 through December 31, 2008 | Year ended December 31, | ||||||||||||||||||||||||
| (dollars in millions) | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | 491,809 | $ | (5,743,061 | ) | $ | (4,521,667 | ) | $ | (628,535 | ) | $ | (420,965 | ) | $ | (738,026 | ) | |||||||||
Distributed income (loss) from equity investees | 29,935 | 13,143 | 20,901 | 11,084 | 18,527 | 20,122 | ||||||||||||||||||||
Fixed charges | 477,597 | 900,069 | 1,896,482 | 1,919,554 | 1,872,749 | 1,948,406 | ||||||||||||||||||||
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Total earnings | $ | 999,341 | $ | (4,829,849 | ) | $ | (2,604,284 | ) | $ | 1,302,103 | $ | 1,470,311 | $ | 1,230,502 | ||||||||||||
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Computation of fixed charges: | ||||||||||||||||||||||||||
Interest expense | $ | 213,210 | $ | 715,768 | $ | 1,500,866 | $ | 1,533,341 | $ | 1,466,246 | $ | 1,549,023 | ||||||||||||||
Portion of rent expense representative of interest | 264,387 | 184,301 | 395,616 | 386,213 | 406,503 | 399,383 | ||||||||||||||||||||
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Total fixed charges | $ | 477,597 | $ | 900,069 | $ | 1,896,482 | $ | 1,919,554 | $ | 1,872,749 | $ | 1,948,406 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.09 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||
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