EXHIBIT 12.1 Interep National Radio Sales, Inc. Calculation of Earnings to Fixed Charges (Thousands of dollars) Years Ended December 31, 1993 1994 1995 1996 1997 Earnings: Operating income (loss) $ 1,760 $ 3,213 $ 3,777 $ 1,794 $(3,563) Fixed charges 1,456 1,359 1,401 1,455 1,511 --------------------------------------------------------------- Earnings as adjusted $ 3,216 $ 4,572 $ 5,178 $ 3,249 $(2,052) Fixed Charges: Interest on debt $ 3,191 $ 3,379 $ 3,494 $ 4,049 $ 3,888 Amortization of debt issuance costs 94 94 55 73 89 Imputed interest portion of rent 1,362 1,265 1,346 1,382 1,422 ---------------------------------------------------------------- Total fixed charges $ 4,647 $ 4,738 $ 4,895 $ 5,504 $ 5,399 Deficiency of earnings to fixed charges $ 1,431 $ 166 $ - $ 2,255 $ 7,451 ================================================================ Ratio of earnings to fixed charges 1.06 ======= Proforma (1) Three Months Ended Year Ended Three Months March 31, December 31, Ended March 31, 1997 1998 1997 1998 Earnings: Operating income (loss) $(1,818) $(3,250) $(3,563) $(3,250) Fixed charges 386 404 1,822 469 ------------------------------------------------------------ Earnings as adjusted $(1,432) $(2,846) $(1,741) $(2,781) Fixed Charges: Interest on debt $ 842 $ 1,017 $10,000 $ 2,500 Amortization of debt issuance costs 34 35 400 100 Imputed interest portion of rent 352 369 1,422 369 ------------------------------------------------------------- Total fixed charges $ 1,228 $ 1,421 $11,822 $ 2,969 Deficiency of earnings to fixed charges $ 2,660 $ 4,267 $13,563 $ 5,750 ============================================================== (1) Refer to the unaudited pro forma consolidated financial data for further detail.