EXHIBIT 12.1
PAXSON COMMUNICATIONS CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
YEAR ENDED DECEMBER 31,
1997 1998 1999 2000 2001
--------- --------- --------- --------- ---------
Net (loss) income $ 214,689 $ (88,288) $(160,372) $(178,525) $(203,782)
Equity in loss of unconsolidated investment 430 13,273 2,260 539 --
Extraordinary items -- -- -- -- 9,903
(Income) loss from discontinued operations (251,193) (1,182) -- -- --
Provision (benefit) for income taxes (21,879) (37,389) (57,257) 120 120
--------- --------- --------- --------- ---------
Earnings, as defined $ (57,953) $(113,586) $(215,369) $ (177,866) $ (193,759)
========= ========= ========= ========== ==========
Earnings, as defined $ (57,953) $(113,586) $(215,369) $(177,866) $(193,759)
Fixed charges, as below 39,212 45,468 54,943 53,385 54,619
--------- --------- --------- --------- ---------
Total earnings, as defined $ (18,741) $ (68,118) $(160,426) $(124,481) $(139,140)
========= ========= ========= ========= =========
Fixed charges, as defined:
Interest expense $ 37,790 $ 41,906 $ 50,286 $ 47,973 $ 49,722
Rental interest factor 1,422 3,562 4,657 5,412 4,897
--------- --------- --------- --------- ---------
Total fixed charges, as defined 39,212 45,468 54,943 53,385 54,619
--------- --------- --------- --------- ---------
Ratio of earnings to fixed charges (0.48) (1.50) (2.92) (2.33) (2.55)
========= ========= ========= ========== ==========
Earnings were insufficient to cover
fixed charges by $ (57,953) $(113,586) $(215,369) $(177,866) $(193,759)
========= ========= ========= ========== ==========