EXHIBIT 12.1
HISPANIC BROADCASTING CORPORATION AND SUBSIDIARIES
Computation Of Ratio Of Earnings To Fixed Charges
(in thousands except ratio)
Six Months Ended June 30, Year Ended December 31,
------------------------------------ ------------------------------------
1999 1998 1998 1997
----------------- ----------------- ----------------- ------------------
Earnings:
Income (loss) from continuing operations
before income taxes $ 22,534 $ 20,766 $ 44,624 $ 31,389
Fixed charges 1,246 1,959 3,292 4,863
Undistributed income from an investment
in a less-than-fifty-percent owned
person accounted for under the equity
method -- -- -- --
-------- -------- -------- --------
Earnings as adjusted (A) $ 23,780 $ 22,725 $ 47,916 $ 36,252
======== ======== ======== ========
Fixed Charges:
Interest expense $ 577 $ 1,366 $ 2,046 $ 3,947
Interest portion of rental expense (1) 669 593 1,246 916
-------- -------- -------- --------
Total fixed charges (B) $ 1,246 $ 1,959 $ 3,292 $ 4,863
======== ======== ======== ========
Ratio of earnings to fixed charges (A) divided
by (B) 19.1 11.6 14.6 7.5
Deficiency of earnings to cover fixed charges
(B) minus (A) $ -- $ -- $ -- $ --
Three Months Year Ended September 30,
Ended ----------------------------------------------------
December 31, 1996 1996 1995 1994
----------------- ----------------- ----------------- ------------------
Income (loss) from continuing operations
before income taxes $ 2,164 $(29,092) $ 4,469 $ 2,588
Fixed charges 2,965 11,793 7,055 3,377
Undistributed income from an investment
in a less-than-fifty-percent owned
person accounted for under the equity
method -- -- -- (616)
-------- -------- -------- --------
Earnings as adjusted (A) $ 5,129 $(17,299) $ 11,524 $ 5,349
======== ======== ======== ========
Fixed Charges:
Interest expense $ 2,867 $ 11,241 $ 6,607 $ 3,180
Interest portion of rental expense (1) 98 552 448 197
-------- -------- -------- --------
Total fixed charges (B) $ 2,965 $ 11,793 $ 7,055 $ 3,377
======== ======== ======== ========
Ratio of earnings to fixed charges (A) divided
by (B) 1.7 -- 1.6 1.6
Deficiency of earnings to cover fixed charges
(B) minus (A) $ -- $ 29,092 $ -- $ --
(1) Management of the Company believes approximately one-third of rent
expense is representative of the interest component of rent expense.