EXHIBIT 12.1 HYPERION TELECOMMUNICATIONS, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) NINE MONTHS ENDED YEAR ENDED MARCH 31, DECEMBER 31, -------------------------------- ------------------ 1992 1993 1994 1995 1994 1995 ----- ------- ------- ------- -------- -------- Loss before Income Taxes, Extraordinary Loss and Cumulative Effect of Change in Accounting Principle............... $(213) $(1,075) $(4,822) $(7,721) $ (5,715) $ (9,921) Add: Fixed Charges, Excluding Capitalized Interest.... -- -- 2,164 3,321 2,298 4,152 ----- ------- ------- ------- -------- -------- Net Earnings (Loss) Available for Fixed Charges................. $(213) $(1,075) $(2,658) $(4,400) $ (3,417) $ (5,769) Fixed Charges Interest Expense........ $ -- $ -- $ 2,164 $ 3,321 $ 2,298 $ 4,152 ----- ------- ------- ------- -------- -------- Total Fixed Charges...... $ -- $ -- $ 2,164 $ 3,321 $ 2,298 $ 4,152 ----- ------- ------- ------- -------- -------- Ratio of Earnings to Fixed Charges........... -- -- -- -- -- -- Deficiency in Earnings Required to Cover Fixed Charges................. $(213) $(1,075) $(4,822) $(7,721) $ (5,715) $ (9,921) ===== ======= ======= ======= ======== ========