1
Exhibit 12.2
CITADEL COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Combined
Fixed Charges And Preferred Stock Dividends
(in thousands except ratios)
Nine Months
Ended Year Ended December 31,
September 30, ------------------------------------------------
1999 1998 1997 1996 1995 1994
------------- ---- ---- ---- ---- ----
Earnings:
Income (loss) from continuing operations
before income taxes (5,428) (5,317) (6,054) (1,997) (4,376) (5,511)
Fixed charges 29,612 33,589 20,208 6,518 5,488 5,075
Preference security dividend requirements (11,323) (14,586) (6,633) -- -- --
Earnings as adjusted (A) 12,861 13,686 7,521 4,521 1,112 (436)
Fixed Charges:
Interest expense 17,502 18,126 12,872 6,155 5,242 4,866
Interest portion of rental expense (1) 787 877 703 363 246 209
Preference security dividend requirements 11,323 14,586 6,633 -- -- --
Total fixed charges 29,612 33,589 20,208 6,518 5,488 5,075
Preferred stock dividends (2) 11,323 14,586 6,633 -- -- --
Total fixed charges and preferred stock dividends (B) 40,935 48,175 26,841 6,518 5,488 5,075
Ratio of earnings to combined fixed charges
and preferred stock dividends (A) divided by (B) 0.31 0.28 0.28 0.69 0.20 (0.09)
Deficiency of earnings available to cover combined
fixed charges and preferred stock dividends (A) minus (B) (28,074) (34,489) (19,320) (1,997) (4,376) (5,511)
(1) Management of the Company believes approximately 33% of rent expense
is a reasonable estimate of the interest portion of rental expense
(2) Preferred stock dividends have not been grossed up due to history of tax
net operating loss carry-forwards