1 EXHIBIT 12.1 CHANCELLOR MEDIA CORPORATION OF LOS ANGELES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) ACTUAL ACTUAL SIX SIX PRO FORMA PRO FORMA MONTHS MONTHS YEAR SIX MONTHS YEAR ENDED DECEMBER 31, ENDED ENDED ENDED ENDED ------------------------------------------------- JUNE 30, JUNE 30, DECEMBER 31, JUNE 30, 1993 1994 1995 1996 1997 1997 1998 1997 1998 -------- ------- ------- -------- ------- -------- --------- ------------ ---------- Earnings: Net income (loss) before income taxes........... $(20,749) $ 39 $(5,658) $(19,090) $(6,692) $ 8,118 $(101,465) $(354,666) $(207,885) Fixed charges............ 15,086 15,252 20,854 40,461 89,325 24,413 96,640 382,287 191,304 -------- ------- ------- -------- ------- ------- --------- --------- --------- Earnings as adjusted(A)............ $ (5,663) $15,291 $15,196 $ 21,371 $82,633 $32,531 $ (4,825) $ 27,621 $ (16,581) ======== ======= ======= ======== ======= ======= ========= ========= ========= Fixed Charges: Interest expense......... $ 13,878 $13,809 $19,199 $ 37,527 $85,017 $22,741 $ 92,358 $ 371,516 $ 185,758 Amortization of deferred financing costs........ 728 712 631 1,113 1,337 590 1,438 4,875 2,438 Rents under leases representative of an interest factor(1)..... 480 731 1,024 1,821 2,971 1,082 2,844 5,896 3,108 -------- ------- ------- -------- ------- ------- --------- --------- --------- Fixed charges as adjusted(B).............. 15,086 15,252 20,854 40,461 89,325 24,413 96,640 382,287 191,304 ======== ======= ======= ======== ======= ======= ========= ========= ========= Ratio of earnings to fixed charges (A) divided by (B)...................... -- 1.0 -- -- -- 1.33 -- -- -- Deficiency of earnings to fixed charges............ $ 20,749 $ -- $ 5,658 $ 19,090 $ 6,692 $ -- $ 101,465 $ 354,666 $ 207,885 - ------------------------- (1) Management of CMCLA believes approximately one-third of rental and lease expense is representative of the interest component of rent expense.