Exhibit 12
ALLBRITTON COMMUNICATIONS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | Fiscal Year Ended September 30,
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| | 1998
| | | 1999
| | 2000
| | 2001
| | 2002
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Pretax income from continuing operations | | (3,872 | ) | | 7,892 | | 23,380 | | 10,986 | | 7,469 |
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Fixed charges: | | | | | | | | | | | |
Interest, including capitalized interest | | 44,224 | | | 42,038 | | 42,096 | | 41,566 | | 41,661 |
Amortization of deferred financing costs | | 1,145 | | | 1,149 | | 1,149 | | 1,199 | | 1,295 |
Amortization of debt discount | | 116 | | | 116 | | 116 | | 116 | | 117 |
Rental expense | | 1,067 | | | 1,068 | | 1,056 | | 1,089 | | 1,254 |
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Total fixed charges | | 46,552 | | | 44,371 | | 44,417 | | 43,970 | | 44,327 |
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Total earnings, net of capitalized interest | | 42,680 | | | 52,263 | | 67,797 | | 54,956 | | 51,579 |
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Ratio of earnings to fixed charges | | (a | ) | | 1.18 | | 1.53 | | 1.25 | | 1.16 |
| | As Adjusted (b) Fiscal Year Ended September 30, 2002
| | Six Months Ended March 31,
| | | As Adjusted (b) Six Months Ended March 31, 2003
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| | | 2002
| | 2003
| | |
Pretax income from continuing operations | | 12,427 | | 2,211 | | (13,485 | ) | | 13,098 |
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Fixed charges: | | | | | | | | | |
Interest, including capitalized interest | | 36,774 | | 20,905 | | 22,042 | | | 18,363 |
Amortization of deferred financing costs | | 1,131 | | 625 | | 658 | | | 604 |
Amortization of debt discount | | 210 | | 58 | | 60 | | | 75 |
Rental expenses | | 1,254 | | 645 | | 641 | | | 641 |
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Total fixed charges | | 39,369 | | 22,233 | | 23,401 | | | 19,683 |
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Total earnings, net of capitalized interest | | 51,579 | | 24,444 | | 9,916 | | | 32,781 |
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Ratio of earnings to fixed charges | | 1.31 | | 1.10 | | (a | ) | | 1.67 |
(a) | | Due to a pre-tax loss for the year ended September 30, 1998 and for the six months ended March 31, 2003, earnings were inadequate to cover fixed charges. Additional earnings of $3,872 and $13,485 would have been required to attain a ratio of one-to-one for the year ended September 30, 1998 and the six months ended March 31, 2003, respectively. |
(b) | | The as adjusted ratio of earnings to fixed charges for the fiscal year ended September 30, 2002 and for the six months ended March 31, 2003 gives effect to (1) the issuance of the prior notes and the use of the net proceeds thereof, as well as borrowings under our senior credit facility, to purchase and redeem our 9 3/4% debentures and (2) the issuance of the initial notes and the use of proceeds from their sale to redeem our 8 7/8% notes and repay borrowings under our senior credit facility, as if each had occurred on October 1, 2001. |