EXHIBIT 12
SINCLAIR BROADCAST GROUP, INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003, 2002, 2001, and 2000
(DOLLARS IN THOUSANDS)
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| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Income (loss) before provision (benefit) for income taxes from continuing operations |
| $ | 25,186 |
| $ | 26,510 |
| $ | (17,885 | ) | $ | (185,305 | ) | $ | (30,314 | ) |
Fixed charges (a) |
| 120,400 |
| 121,165 |
| 118,115 |
| 130,794 |
| 133,240 |
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Earnings available for fixed charges |
| 145,586 |
| 147,675 |
| 100,230 |
| (54,511 | ) | 102,926 |
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Fixed charges (a) |
| 120,400 |
| 121,165 |
| 118,115 |
| 130,794 |
| 133,240 |
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Excess of earnings over fixed charges (b) |
| $ | 25,186 |
| $ | 26,510 |
| $ | (17,885 | ) | $ | (185,305 | ) | $ | (30,314 | ) |
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Ratio of earnings to fixed charges |
| 1.21 |
| 1.22 |
| — |
| — |
| — |
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Earnings available for combined fixed charges and preferred stock dividends |
| $ | 161,248 |
| $ | 163,598 |
| $ | 116,153 |
| $ | (38,588 | ) | $ | 120,048 |
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Combined fixed charges and preferred stock dividends (c) |
| 136,062 |
| 137,088 |
| 134,038 |
| 146,717 |
| 150,362 |
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Excess of earnings over combined fixed charges and preferred stock dividends (d) |
| $ | 25,186 |
| $ | 26,510 |
| $ | (17,885 | ) | $ | (185,305 | ) | $ | (30,314 | ) |
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 1.19 |
| 1.19 |
| — |
| — |
| — |
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| Fixed charges consist of interest expense, which includes interest on all debt and amortization of debt discount, capitalized interest and amortization of deferred financing costs. | |
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(b) |
| Earnings were inadequate to cover fixed charges for the years ended December 31, 2002, 2001 and 2000. Additional earnings of $17,885, $185,305 and $30,315 would have been required to cover fixed charges in the years ended December 31, 2002, 2001 and 2000, respectively. |
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(c) |
| Combined fixed charges and preferred stock dividends consist of interest expense, which includes interest on all debt and amortization of debt discount and premium, capitalized interest and deferred financing costs and preferred stock dividends. Preferred stock dividends are divided by (1 — effective tax rate) with the tax rate being 35.00% for the years ended December 31, 2004, 2003, 2002 and 2001. The tax rate for years ended December 31, 2000 was 39.55%. |
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(d) |
| Earnings were inadequate to cover combined fixed charges and preferred stock dividends for the years ended December 31, 2002, 2001 and 2000. Additional earnings of $17,885, $185,305 and $30,315 would have been required to cover fixed charges in the years ended December 31, 2002, 2001 and 2000, respectively. |