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EXHIBIT 12.1
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
PRO FORMA
YEAR
YEAR ENDED DECEMBER 31, ENDED
----------------------------------------------------- DECEMBER 31,
1994 1995 1996 1997 1998 1998
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Earnings:
Net income (loss) before income taxes................... $ 39 $(5,658) $(19,090) $(6,692) $ 2,852 $(176,391)
Fixed charges........................................... 15,252 20,854 40,461 89,325 234,046 400,604
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Earnings as adjusted(A)................................. $15,291 $15,196 $ 21,371 $82,633 $236,898 $ 224,213
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Fixed Charges:
Interest expense........................................ $13,809 $19,199 $ 37,527 $85,017 $217,136 $ 369,503
Amortization of deferred financing costs................ 712 631 1,113 1,337 3,768 7,042
Rents under leases representative of an interest
factor(1)............................................. 731 1,024 1,821 2,971 13,142 24,059
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Fixed charges as adjusted(B).............................. 15,252 20,854 40,461 89,325 234,046 400,604
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Ratio of earnings to fixed charges (A) divided by (B)..... 1.0 -- -- -- 1.0 --
Deficiency of earnings to fixed charges................... $ -- $ 5,658 $ 19,090 $ 6,692 $ -- $ 176,391
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(1) Management of CMCLA believes approximately one-third of rental and lease
expense is representative of the interest component of rent expense.