EXHIBIT 12.01
Salem Communications Corporation
Exhibit 12.01 - Computation of Ratio of Earnings to Fixed Charges
-------------------------------------------------------------------- Nine Months
Year Ended December 31 Ended
-------------------------------------------------------------------- September 30
1992 1993 1994 1995 1996 1997
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(dollars in thousands)
Pretax income (loss) from continuing
operations $ (460) $3,563 $ 439 $ 312 $19,408 $(4,374)
Interest expense 2,851 2,554 3,668 6,646 7,361 8,548
Interest portion of rent expense 540 702 829 1,042 1,274 1,142
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Earnings $2,931 $6,819 $4,936 $8,000 $28,043 $ 5,316
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Interest expense $2,851 $2,554 $3,668 $6,646 $ 7,361 $ 8,548
Interest portion of rent expense 540 702 829 1,042 1,274 1,142
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Fixed Charges $3,391 $3,256 $4,497 $7,688 $ 8,635 $ 9,690
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Ratio of Earnings to Fixed Charges 0.9 2.1 1.1 1.0 3.2 0.5
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Year Nine months
ended ended
December 31 September 30
1996 1997
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Pro forma pretax income (loss) from continuing
operations 11,589 (7,209)
Pro forma interest expense 15,179 11,384
Interest portion of rent expense 1,274 1,141
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Pro forma earnings $28,042 $ 5,316
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Pro forma interest expense $15,179 11,384
Interest portion of rent expense 1,274 1,141
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Fixed Charges $16,453 $12,525
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Pro Forma Ratio of Earnings to Fixed Charges 1.7 0.4
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