EXHIBIT 12.2
HISPANIC BROADCASTING CORPORATION AND SUBSIDIARIES
Computation Of Ratio Of Earnings To Combined Fixed Charges
And Preferred Stock Dividends
(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 1,246 1,959 3,292 4,863
Preferred stock dividends (2) -- -- -- --
-------- -------- -------- --------
Total fixed charges and preferred stock
dividends (B) $ 1,246 $ 1,959 $ 3,292 $ 4,863
======== ======== ======== ========
Ratio of earnings to combined fixed charges
and preferred stock dividends (A) divided
by (B) 19.1 11.6 14.6 7.5
Deficiency of earnings to cover combined fixed
charges and preferred stock dividends
(B) minus (A) $ -- $ -- $ -- $ --
Three Months Year Ended September 30,
Ended --------------------------------------
December 31, 1996 1996 1995 1994
------------------ --------- ---------- --------
Earnings:
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 2,965 11,793 7,055 3,377
Preferred stock dividends (2) -- 20 75 191
-------- -------- -------- --------
Total fixed charges and preferred stock
dividends (B) $ 2,965 $ 11,813 $ 7,130 $ 3,568
======== ======== ======== ========
Ratio of earnings to combined fixed charges
and preferred stock dividends (A) divided
by (B) 1.7 -- 1.6 1.5
Deficiency of earnings to cover combined fixed
charges and preferred stock dividends
(B) minus (A) $ -- $ 29,112 $ -- $ --
(1) Management of the Company believes approximately one-third of rent
expense is representative of the interest component of rent expense.
(2) Represents pretax earnings required to cover preferred stock dividends.