1 EXHIBIT 12.01 SALEM COMMUNICATIONS CORPORATION STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS) YEAR ENDED DECEMBER 31 ----------------------------------------------- 1994 1995 1996 1997 1998 ------ ------ ------- ------- ------- Pretax income (loss) from continuing operations............... $ 439 $ 312 $19,408 $(1,087) $(1,924) Interest expense...................... 3,668 6,646 7,361 12,706 15,941 Interest portion of rent expense...... 829 1,041 1,274 1,601 1,615 ------ ------ ------- ------- ------- Earnings............................ $4,936 $7,999 $28,043 $13,220 $15,632 ====== ====== ======= ======= ======= Interest expense...................... $3,668 $6,646 $ 7,361 $12,706 $15,941 Interest portion of rent expense...... 829 1,041 1,274 1,601 1,615 ------ ------ ------- ------- ------- Fixed charges....................... $4,497 $7,687 $ 8,635 $14,307 $17,556 ====== ====== ======= ======= ======= Ratio of earnings to fixed charges.... 1.1 1.0 3.2 0.9 0.9 ====== ====== ======= ======= =======