EXHIBIT 12.1 HYPERION TELECOMMUNICATIONS, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS) YEAR ENDED MARCH 31, ------------------------------------------ 1992 1993 1994 1995 1996 ----- ------- ------- ------- -------- Loss before Income Taxes, Extraordinary Loss and Cumulative Effect of Change in Accounting Principle......................... $(213) $(1,075) $(4,822) $(7,721) $(13,817) Add: Fixed Charges, Excluding Capitalized Interest.............. -- -- 2,164 3,321 6,088 ----- ------- ------- ------- -------- Net Earnings (Loss) Available for Fixed Charges..................... $(213) $(1,075) $(2,658) $(4,400) $ (7,729) Fixed Charges Interest Expense.................. $ -- $ -- $ 2,164 $ 3,321 $ 6,088 ----- ------- ------- ------- -------- Total Fixed Charges................ $ -- $ -- $ 2,164 $ 3,321 $ 6,088 ----- ------- ------- ------- -------- Ratio of Earnings to Fixed Charges. -- -- -- -- -- Deficiency in Earnings Required to Cover Fixed Charges............... $(213) $(1,075) $(4,822) $(7,721) $(13,817) ===== ======= ======= ======= ========