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)
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