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EXHIBIT 12.01
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
SALEM COMMUNICATIONS CORPORATION
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YEAR ENDED DECEMBER 31
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1996 1997 1998 1999 2000
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Pretax income (loss) from
continuing operations............... $ 19,408 $ (1,086) $ (1,924) $ (6,086) $ 18,292
Interest expense...................... 7,361 12,706 15,941 14,219 17,452
Interest portion of rent expense...... 1,274 1,601 1,615 2,000 2,467
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Earnings......................... $ 28,043 $ 13,221 $ 15,632 $ 10,133 $ 38,211
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Interest expense...................... $ 7,361 $ 12,706 $ 15,941 $ 14,219 $ 17,452
Interest portion of rent expense...... 1,274 1,601 1,615 2,000 2,467
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Fixed Charges..................... $ 8,635 $ 14,307 $ 17,556 $ 16,219 $ 19,919
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Ratio of Earnings to Fixed Charges.... 3.2x 0.9x 0.9x 0.6x 1.9x
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SALEM COMMUNICATIONS CORPORATION
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PRO FORMA
SIX MONTHS ENDED ---------------------------------
------------------------------ YEAR ENDED SIX MONTHS ENDED
JUNE 30, 2000 JUNE 30, 2001 DECEMBER 31, 2000 JUNE 30, 2001
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Pretax income (loss) from
continuing operations............... $ 408 $ (9,371) $ 10,485 $(10,376)
Interest expense...................... 5,219 12,749 25,259 13,754
Interest portion of rent expense...... 1,000 1,233 2,467 1,233
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Earnings......................... $ 6,627 $ 4,611 $ 38,211 $ 4,611
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Interest expense...................... $ 5,219 $ 12,749 $ 25,259 $ 13,754
Interest portion of rent expense...... 1,000 1,233 2,467 1,233
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Fixed Charges..................... $ 6,219 $ 13,982 $ 27,726 $ 14,987
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Ratio of Earnings to Fixed Charges.... 1.1x 0.3x 1.4x 0.3x
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SALEM COMMUNICATIONS HOLDING CORPORATION
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PRO FORMA
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YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, 2000 JUNE 30, 2001 DECEMBER 31, 2000 JUNE 30, 2001
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Pretax income (loss) from
continuing operations............... $ 21,910 $ (3,306) $ 28,125 $ (4,311)
Interest expense....................... 15,572 12,747 23,379 13,752
Interest portion of rent expense....... 2,467 1,233 2,467 1,233
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Earnings.......................... $ 39,949 $ 10,674 $ 53,971 $ 10,674
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Interest expense....................... $ 15,572 $ 12,747 $ 23,379 $ 13,752
Interest portion of rent expense....... 2,467 1,233 2,467 1,233
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Fixed Charges...................... $ 18,039 $ 13,980 $ 25,846 $ 14,985
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Ratio of Earnings to Fixed Charges..... 2.2x 0.8x 2.1x 0.7x
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