EX-12 7 d904022dex12.htm EX-12 EX-12

Exhibit 12

iHeart Communications, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

     Year Ended December 31,     Three Months
Ended March 31,		  
(dollars in thousands)    2010     2011     2012     2013     2014     2014     2015  

Computation of earnings:

               

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

    $ (628,535 )    $ (420,965 )    $ (738,026 )    $ (627,638 )    $ (694,253 )    $ (350,676 )    $ (330,360 ) 

Distributed income (loss) from equity investees

      11,084        18,527        20,122        19,994        1,228        228        —     

Fixed charges

      1,919,554        1,872,749        1,948,406        2,053,888        2,151,381        531,024        539,031   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

 $ 1,302,103    $ 1,470,311    $ 1,230,502    $ 1,446,244    $ 1,446,244    $ 180,576    $ 208,671   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Computation of fixed charges:

Interest expense

   1,533,341      1,466,246      1,549,023      1,649,451      1,741,596      431,114      441,771   

Portion of rent expense representative of interest(1)

   386,213      406,503      399,383      404,437      409,785      99,910      97,260   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

 $ 1,919,554    $ 1,872,749    $ 1,948,406    $ 2,053,888    $ 2,151,381    $ 531,024    $ 539,031   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(2)

   N/A      N/A      N/A      N/A      N/A      N/A      N/A   

 

(1) Imputed interest on operating leases is estimated to be approximately one-third of rent expense.
(2) For the three months ended March 31, 2015 and 2014 and for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $330.4 million, $350.4 million, $693.0 million, $607.6 million, $717.9 million, $402.4 million and $617.5 million, respectively.