EXHIBIT 12.1

GRAY TELEVISION, INC.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Nine Months Ended		Year Ended December 31,
	September 30, 2013		2012			2011			2010			2009			2008
	(dollars in thousands)
Earnings:
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	22,802	$	47,317		$	13,574		$	36,610		$	(34,307	)	$	(313,027	)
Add:
Fixed charges(1)		38,189		66,842			73,151			93,578			95,157			64,746
Less:
Preference security dividend requirements(2)		—		(6,888	)		(10,877	)		(23,047	)		(25,551	)		(10,143	)
Total earnings (loss) as adjusted	$	60,991	$	107,271		$	75,848		$	107,141		$	35,299		$	(258,424	)
Fixed charges:
Interest expensed and capitalized(3)	$	37,790	$	59,443		$	61,777		$	70,045		$	69,088		$	54,079
Estimate of the interest within rental expense(4)		399		511			497			486			518			524
Preference security dividend requirements		—		6,888			10,877			23,047			25,551			10,143
Total fixed charges	$	38,189	$	66,842		$	73,151		$	93,578		$	95,157		$	64,746
Ratio of earnings to fixed charges		1.60		1.60			1.04			1.14			—			—
Dollar amount of deficiency of earnings to cover fixed charges	$	—	$	—		$	—		$	—		$	59,858		$	323,170

(1) See “Fixed Charges” below for an itemization of components contained herein.

(2) Preference security dividend requirements for purposes of the ratio to represent the amount of pre-tax earnings that would be required to pay the dividends on outstanding preference securities of the registrant and other fully or proportionally consolidated entities. Preferred dividend requirements include accretion in the carrying value of redeemable preferred stock. The amount is computed as the dividend requirement divided by (1 – the effective income tax rate for the Company).

(3) Includes amortization of premiums, discounts and capitalized expenses related to indebtedness.

(4) Interest within rental expense is estimated at 33% of rental expense.