1 EXHIBIT 12.1 CHANCELLOR MEDIA CORPORATION OF LOS ANGELES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) ACTUAL NINE ACTUAL NINE PRO FORMA MONTHS MONTHS YEAR YEAR ENDED DECEMBER 31, ENDED ENDED ENDED ------------------------------------------------- SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31, 1993 1994 1995 1996 1997 1997 1998 1997 -------- ------- ------- -------- ------- ------------- ------------- ------------ Earnings: Net income (loss) before income taxes............. $(20,749) $ 39 $(5,658) $(19,090) $(6,692) $ 5,882 $ (91,518) $(362,464) Fixed charges....... 15,086 15,252 20,854 40,461 89,325 47,544 152,517 391,298 -------- ------- ------- -------- ------- ------- --------- --------- Earnings as adjusted(A)....... $ (5,663) $15,291 $15,196 $ 21,371 $82,633 $53,426 $ 60,999 $ 28,834 ======== ======= ======= ======== ======= ======= ========= ========= Fixed Charges: Interest expense.... $ 13,878 $13,809 $19,199 $ 37,527 $85,017 $45,036 $ 145,992 $ 378,628 Amortization of deferred financing costs............. 728 712 631 1,113 1,337 885 2,133 6,774 Rents under leases representative of an interest factor(1)......... 480 731 1,024 1,821 2,971 1,623 4,392 5,896 -------- ------- ------- -------- ------- ------- --------- --------- Fixed charges as adjusted(B)......... 15,086 15,252 20,854 40,461 89,325 47,544 152,517 391,298 ======== ======= ======= ======== ======= ======= ========= ========= Ratio of earnings to fixed charges (A) divided by (B)...... -- 1.0 -- -- -- 1.12 -- -- Deficiency of earnings to fixed charges.... $ 20,749 $ -- $ 5,658 $ 19,090 $ 6,692 $ -- $ 91,518 $ 362,464 PRO FORMA NINE MONTHS ENDED SEPTEMBER 30, 1998 ------------- Earnings: Net income (loss) before income taxes............. $(259,114) Fixed charges....... 293,668 --------- Earnings as adjusted(A)....... $ 34,554 ========= Fixed Charges: Interest expense.... $ 283,971 Amortization of deferred financing costs............. 5,080 Rents under leases representative of an interest factor(1)......... 4,617 --------- Fixed charges as adjusted(B)......... 293,668 ========= Ratio of earnings to fixed charges (A) divided by (B)...... -- Deficiency of earnings to fixed charges.... $ 259,114 - ------------------------- (1) Management of CMCLA believes approximately one-third of rental and lease expense is representative of the interest component of rent expense.