EX-12 7 d504011dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of ratio of earnings to fixed charges

Exhibit 12

CLEAR CHANNEL COMMUNICATIONS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

     Predecessor         Successor  
      July 30,
2008		         Period from
July 31
through
December 31,
2008		     Year ended December 31,  
(dollars in millions)          2009     2010     2011     2012  

Computation of earnings:

               

Income (loss) before income taxes and adjustment for (income) loss from equity investees

    $ 491,809        $ (5,743,061 )    $ (4,521,667 )    $ (628,535 )    $ (420,965 )    $ (738,026 ) 

Distributed income (loss) from equity investees

      29,935          13,143        20,901        11,084        18,527        20,122   

Fixed charges

      477,597          900,069        1,896,482        1,919,554        1,872,749        1,948,406   
  

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ 999,341        $ (4,829,849 )    $ (2,604,284 )    $ 1,302,103      $ 1,470,311      $ 1,230,502   
  

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Computation of fixed charges:

               

Interest expense

    $ 213,210        $ 715,768      $ 1,500,866      $ 1,533,341      $ 1,466,246      $ 1,549,023   

Portion of rent expense representative of interest

      264,387          184,301        395,616        386,213        406,503        399,383   
  

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 477,597        $ 900,069      $ 1,896,482      $ 1,919,554      $ 1,872,749      $ 1,948,406   
  

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      2.09          N/A        N/A        N/A        N/A        N/A