EXHIBIT 12.1
SINCLAIR BROADCAST GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
SIX MONTHS ENDED
YEARS ENDED DECEMBER 31, JUNE 30,
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1992 1993 1994 1995 1996 1996 1997
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(UNAUDITED)
HISTORICAL
Income (loss) before provision (benefit)
for income taxes and extraordinary
items .............................. $ (5,840) $ 922 $ (3,387) $ 10,188 $ 8,067 $ 3,611 $ (9,922)
Fixed charges(a) ..................... 12,997 12,852 25,418 39,253 84,314 27,646 51,993
-------- -------- -------- -------- --------- -------- ---------
Earnings available for fixed charges ... 7,157 13,774 22,031 49,441 92,381 31,257 42,071
======== ======== ======== ======== ========= ======== =========
Ratio of earnings to fixed charges(b) -- 1.1 x -- 1.3 x 1.1 x 1.1 x --
PRO FORMA(C)
Income (loss) before provision (benefit)
for income taxes and extraordinary
items .............................. $(42,088) $ (12,148)
Fixed charges(a) ..................... 122,662 68,506
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Earnings available for fixed charges ... 80,574 56,358
========= =========
Ratio of earnings to fixed charges(d)
-- --
--------- ---------
- ----------
(a) Fixed charges consist of interest expense, which includes interest on all
debt and amortization of debt discount, and deferred financing costs.
(b) Earnings were inadequate to cover fixed charges for the years ended December
31, 1992 and 1994, and for the six months ended June 30, 1997. Additional
earnings of $5,840, $3,387 and $9,922 would have been required to cover
fixed charges in the years ended December 31, 1992 and 1994, and the six
months ended June 30, 1997, respectively.
(c) The pro forma information in this table reflects the pro forma effect of the
completion of the issuance of the Preferred Securities and the 1997 Notes
and the 1996 Acquisitions as if such transactions had occured on January 1,
1996 with respect to the pro forma information for the year ended December
31, 1996 and as if such transactions had occurred on January 1, 1997 with
respect to the pro forma information for the six months ended June 30, 1997.
(d) Earnings were inadequate to cover fixed charges for the pro forma year ended
December 31, 1996 and pro forma six months ended June 30, 1997. Additional
earnings of $42,088 and $12,148 would have been required to cover fixed
charges for the pro forma year ended December 31, 1996 and pro forma six
months ended June 30, 1997.