EX-12 2 c98947exv12.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO PREFERRED STOCK AND DIVIDENDS exv12
 

Exhibit 12
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)
                                 
    Three Months Ended August 31,   Six Months Ended August 31,
    2004   2005   2004   2005
         
EARNINGS:
                                
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees
   $ 16,786     $ 10,180     $ (77,761 )   $ 19,628  
Add:
                                
Fixed charges
     10,982       21,184       27,347       34,328  
Amortization of capitalized interest
     18       18       37       37  
Less:
                                
Capitalized interest
     —       —       —       —  
Preferred stock dividends
     2,246       2,246       4,492       4,492  
         
Earnings
   $ 25,540     $ 29,136     $ (54,869 )   $ 49,501  
 
                                
FIXED CHARGES:
                                
Interest expense (including amortization of debt expenses)
   $ 8,151     $ 18,341     $ 21,653     $ 28,586  
Capitalized interest
     —       —       —       —  
Portion of rents representative of the interest factor
     585       597       1,202       1,250  
Preferred stock dividends
     2,246       2,246       4,492       4,492  
         
Fixed Charges
   $ 10,982     $ 21,184     $ 27,347     $ 34,328  
 
                                
Ratio of Earnings to Fixed Charges
     2.3       1.4       N/A       1.4  
         
 
                                
Deficiency
   $ —     $ —     $ 82,216     $ —