1
EXHIBIT 12.1
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
ACTUAL ACTUAL PRO FORMA PRO FORMA
SIX SIX COMBINED COMBINED
MONTHS MONTHS YEAR SIX MONTHS
YEAR ENDED DECEMBER 31, ENDED ENDED ENDED ENDED
------------------------------------------------- JUNE 30, JUNE 30, DECEMBER 31, JUNE 30,
1992 1993 1994 1995 1996 1996 1997 1996 1997
------- -------- ------- ------- -------- -------- -------- ------------ ----------
Earnings:
Net income (loss) before
income taxes.......... $(4,989) $(20,749) $ 39 $(5,658) $(19,090) $(20,200) $ 8,118 $(213,600) $(81,990)
Fixed charges........... 11,030 15,086 15,252 20,854 40,461 20,124 24,413 176,429 88,485
------- -------- ------- ------- -------- -------- ------- --------- --------
Earnings as
adjusted(A)........... $ 6,041 $ (5,663) $15,291 $15,196 $ 21,371 $ (76) $32,531 $ (37,171) $ 6,495
======= ======== ======= ======= ======== ======== ======= ========= ========
Fixed Charges:
Interest expense........ $10,112 $ 13,878 $13,809 $19,199 $ 37,527 $ 19,039 $22,741 $ 171,326 $ 85,847
Amortization of deferred
financing costs....... 398 728 712 631 1,113 316 590 1,113 558
Rents under leases
representative of an
interest factor(1).... 520 480 731 1,024 1,821 769 1,082 3,990 2,080
------- -------- ------- ------- -------- -------- ------- --------- --------
Fixed charges as
adjusted(B)............. 11,030 15,086 15,252 20,854 40,461 20,124 24,413 176,429 88,485
======= ======== ======= ======= ======== ======== ======= ========= ========
Ratio of earnings to fixed
charges (A) divided by
(B)..................... -- -- 1.0 -- -- -- 1.33 -- --
Deficiency of earnings to
fixed charges........... $ 4,989 $ 20,749 $ -- $ 5,658 $ 19,090 $ 20,200 $ -- $ 213,600 $ 81,990
- ---------------
(1) Management of CMCLA believes approximately one-third of rental and lease
expense is representative of the interest component of rent expense.