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EXHIBIT 12.1
CHANCELLOR MEDIA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(IN THOUSANDS EXCEPT RATIO DATA)
NINE MONTHS NINE MONTHS
YEAR ENDED DECEMBER 31, ENDED ENDED
------------------------------------------------- SEPTEMBER 30, SEPTEMBER 30,
1992 1993 1994 1995 1996 1996 1997
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Earnings:
Income (loss) before income taxes......... $(4,989) $(20,749) $ 39 $(5,658) $(19,090) $(21,022) $ 5,882
Fixed charges............................. 11,030 15,086 15,252 20,854 40,461 30,839 51,819
Less: Dividends on preferred stock of
subsidiary(1)........................... -- -- -- -- -- -- (4,275)
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Earnings as adjusted(A)................... 6,041 (5,663) 15,291 15,196 21,371 9,817 53,426
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Fixed Charges:
Interest expense.......................... 10,112 13,878 13,809 19,199 37,527 29,212 45,036
Amortization of deferred financing
costs................................... 398 728 712 631 1,113 474 885
Dividends on preferred stock of
subsidiary(1)........................... -- -- -- -- -- -- 4,275
Rents under leases representative of an
interest factor(2)...................... 520 480 731 1,024 1,821 1,153 1,623
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Fixed charges as adjusted................... 11,030 15,086 15,252 20,854 40,461 30,839 51,819
Preferred stock dividends(1)................ 1,140 7,317 7,431 7,431 5,877 5,568 8,843
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Total fixed charges and preferred stock
dividends(B).............................. 12,170 22,403 22,683 28,285 46,338 36,407 60,662
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Deficiency of earnings to combined fixed
charges and preferred stock dividends (B)
minus (A)................................. $ 6,129 $ 28,066 $ 7,392 $13,089 $ 24,967 $ 26,590 $ 7,236
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(1) Represents pretax earnings required to cover preferred stock dividends.
(2) Management of Chancellor Media Corporation believes approximately one-third
of rental and lease expense is representative of the interest component of
rent expense.