EX-12.1 5 ex12-1.htm EXHIBIT 12.1 ex12-1.htm

Exhibit 12.1

 

GRAY TELEVISION, INC.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

   

Three Months

                                          
   

Ended

    

Year Ended December 31,

 
   

March 31, 2017

    

2016

    

2015

    

2014

    

2013

    

2012

  
   

(dollars in thousands)

  
                                                 

EARNINGS:

                                                

Income before income taxes

   $ 17,834     $ 105,691     $ 65,749     $ 79,797     $ 31,435     $ 47,317  

Interest expensed and capitalized(1)

     23,191       97,236       74,411       68,913       52,445       59,443  

Estimate of the interest within rental expense(2)

     313       1,155       944       722       521       -  

Earnings

   $ 41,338     $ 204,082     $ 141,104     $ 149,432     $ 84,401     $ 106,760  
                                                 

FIXED CHARGES:

                                                

Interest expensed and capitalized(1)

   $ 23,191     $ 97,236     $ 74,411     $ 68,913     $ 52,445     $ 59,443  

Estimate of the interest within rental expense(2)

     313       1,155       944       722       521       511  

Fixed charges

   $ 23,504     $ 98,391     $ 75,355     $ 69,635     $ 52,966     $ 59,954  
                                                 

PREFERRED STOCK DIVIDENDS:

                                                

Preferred dividends

   $ -     $ -     $ -     $ -     $ -     $ 4,095  

Ratio of income before provision for taxes to net income

     -       -       -       -       -       1.68  

Preference security dividend requirements (3)

   $ -     $ -     $ -     $ -     $ -     $ 6,888  
                                                 

COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

   $ 23,504     $ 98,391     $ 75,355     $ 69,635     $ 52,966     $ 66,842  
                                                 

RATIO OF EARNINGS TO FIXED CHARGES

     1.76       2.07       1.87       2.15       1.59       1.78  

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

                                             1.60  

______________________________________

 

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

(2)

Interest within rental expense is estimated at 33% of rental expense.

   
(3) 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.