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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
EMMIS COMMUNICATIONS CORPORATION
PRO FORMA
FEBRUARY (29) 28, NOVEMBER 30, FEBRUARY 28, NOVEMBER 30,
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1994 1995 1996 1997 1998 1997 1998 1998 1998
EARNINGS:
Pre tax income.................................. $343 $12,155 $17,908 $25,940 $18,284 $20,219 $20,311 $18,284 $20,311
Add:
Fixed charges.................................. 14,373 8,786 15,004 10,631 15,261 11,473 26,892 17,623 28,663
Loss from equity investments................... - 348 3,111 - - - - - -
Less:
Capitalized interest........................... - - - - - - 666 - 666
Minority loss in consolidated subsidiaries..... - - - - - - 1,875 - 1,875
------- ------- ------- ------- ------- ------- ------- ------- -------
Earnings........................................$14,716 $21,289 $36,023 $36,571 $33,545 $31,692 $44,662 $35,907 $46,433
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FIXED CHARGES:
Interest expense (including amortization of
debt expenses).................................$13,588 $ 7,849 $13,540 $9,633 $13,772 $10,356 $24,942 $16,134 $26,713
Capitalized interest............................ - - - - - - 666 - 666
Portion of rents representative of the
interest factor................................ 785 937 1,464 998 1,489 1,117 1,284 1,489 1,284
------- ------- ------- ------- ------- ------- ------- ------- -------
Fixed Charges...................................$14,373 $ 8,786 $15,004 $10,631 $15,261 $11,473 $26,892 $17,623 $28,663
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Ratio of Earnings to Fixed Charges.............. 1.02 2.42 2.40 3.44 2.20 2.76 1.66 2.04 1.62
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