SBA COMMUNICATIONS CORPORATION Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES COMPUTATIONS
Year ended Year ended Year ended Year ended Year ended
12/31/93 12/31/94 12/31/95 12/31/96 12/31/97
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Earnings:
Income (loss) before taxes 83 1,846 3,298 2,366 6,798
Plus: fixed charges 23 45 101 495 876
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Total Earnings 106 1,891 3,399 2,861 7,674
Fixed Charges:
Interest Expense 9 19 11 139 407
Preferred Dividends 0 0 0 0 983
Interest Component of Operating leases 14 26 90 356 469
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Total Fixed Charges 23 45 101 495 1,859
Ratio 4.6x 41.82x 33.8x 5.8x 4.1x
Three months Three months
ended ended
3/31/97 3/31/98
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Earnings:
Income (loss) before taxes 2,310 (1,372)
Plus: fixed charges 153 1,997
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Total Earnings 2,463 625
Fixed Charges:
Interest Expense 36 1,880
Preferred Dividends 83 438
Interest Component of Operating leases 117 117
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Total Fixed Charges 236 2,435
Ratio 10.4x .3x
SBA COMMUNICATIONS CORPORATION
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES COMPUTATIONS
THREE
YEAR ENDED MONTHS
12/31/97 03/31/98
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Earnings:
Income (loss) before taxes (11,965) (4,971)
Plus: fixed charges 19,759 5,096
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Total Earnings 7,794 125
Fixed Charges:
Interest Expense 19,290 4,979
Preferred Dividends 983 438
Interest Component of Operating leases 469 117
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Total Fixed Charges 20,742 5,534
Ratio .4x .1x
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