Exhibit 12.1

GRAY TELEVISION, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months
	Ended			Year Ended December 31,
	March 31, 2010			2009			2008			2007			2006			2005
	(dollars in thousands)
Earnings:
Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees	$	(7,981	)	$	(34,307	)	$	(313,027	)	$	(35,694	)	$	21,534		$	8,327
Add:
Fixed charges(1)		27,366			95,157			64,746			70,186			73,277			57,652
Less:
Preference security dividend requirements(2)		(7,714	)		(25,551	)		(10,143	)		(2,502	)		(6,013	)		(10,269	)
Total earnings (loss) as adjusted	$	11,671		$	35,299		$	(258,424	)	$	31,990		$	88,798		$	55,710
Fixed charges:
Interest expensed and capitalized(3)	$	19,611		$	69,088		$	54,079		$	67,189		$	66,787		$	46,549
Estimate of interest within rental expense(4)		41			518			524			495			477			834
Preference security dividend requirements(2)		7,714			25,551			10,143			2,502			6,013			10,269
Total fixed charges	$	27,366		$	95,157		$	64,746		$	70,186		$	73,277		$	57,652
Ratio of earnings to fixed charges		—			—			—			—			1.21			—
Dollar amount of deficiency of earnings to cover fixed charges	$	15,695		$	59,858		$	323,170		$	38,196		$	—		$	1,942

(1)	See “Fixed charges” below for an itemization of components contained herein.
(2)	Preference security dividend requirements are computed by dividing the dollar amount of dividends payable on the Company’s outstanding preferred stock by (1 — the effective tax rate for the Company’s continuing operations).
(3)	Includes amortization of premiums, discounts and capitalized expenses related to indebtedness.
(4)	Interest within rental expense is estimated at 33% of rental expense.