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EXHIBIT 12.2
CHANCELLOR MEDIA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(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:
Net 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)
------- -------- ------- ------- -------- -------- -------
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(1)..................... 520 480 731 1,024 1,821 1,153 1,623
------- -------- ------- ------- -------- -------- -------
Fixed charges as adjusted(B)............... 11,030 15,086 15,252 20,854 40,461 30,839 51,819
======= ======== ======= ======= ======== ======== =======
Ratio of earnings to fixed charges (A)
divided by (B)........................... -- -- 1.0 -- -- -- 1.03
Deficiency of earnings to fixed charges.... $ 4,989 $ 20,749 $ -- $ 5,658 $ 19,090 $ 21,022 $ --
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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.