Exhibit 12.1

GRAY TELEVISION, INC.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30, 2012			Year Ended December 31,
				2011			2010			2009			2008			2007
	(Dollars in thousands)
Earnings:
Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees	$	49,488		$	13,574		$	36,610		$	(34,307	)	$	(313,027	)	$	(35,694	)
Add:
Fixed charges(1)		51,698			73,151			93,578			95,157			64,746			70,186
Less:
Preference security dividend requirements(2)		(5,877	)		(10,877	)		(23,047	)		(25,551	)		(10,143	)		(2,502	)
Total earnings (loss) as adjusted	$	95,309		$	75,848		$	107,141		$	35,299		$	(258,424	)	$	31,990
Fixed charges:
Interest expensed and capitalized(3)	$	45,444		$	61,777		$	70,045		$	69,088		$	54,079		$	67,189
Estimate of the interest within rental expense(4)		377			497			486			518			524			495
Preference security dividend requirements		5,877			10,877			23,047			25,551			10,143			2,502
Total fixed charges	$	51,698		$	73,151		$	93,578		$	95,157		$	64,746		$	70,186
Ratio of earnings to fixed charges		1.84			1.04			1.14			—			—			—
Dollar amount of deficiency of earnings to cover fixed charges	$	—		$	—		$	—		$	59,858		$	323,170		$	38,196

(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.