EX-12 3 c26340exv12.htm RATIO OF EARNINGS TO FIXED CHARGES exv12
 

EXHIBIT 12
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)
                                         
    FEBRUARY 28 (29),
    2004   2005   2006   2007   2008
     
EARNINGS:
                                        
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees
   $ 4,719     $ (64,541 )   $ (38,367 )   $ 6,268     $ (17,144 )
Add:
                                        
Fixed charges
     73,925       51,094       82,347       54,802       46,773  
Amortization of capitalized interest
     74       74       74       74       37  
Less:
                                        
Capitalized interest
     —       —       —       —       —  
Preferred stock dividends
     8,984       8,984       8,984       8,984       8,984  
     
Earnings
   $ 69,734     $ (22,357 )   $ 35,070     $ 52,160     $ 20,682  
 
                                        
FIXED CHARGES:
                                        
Interest expense (including amortization of debt expenses)
   $ 62,590     $ 39,690     $ 70,586     $ 43,160     $ 34,837  
Capitalized interest
     —       —       —       —       —  
Portion of rents representative of the interest factor
     2,351       2,420       2,777       2,658       2,952  
Preferred stock dividends
     8,984       8,984       8,984       8,984       8,984  
     
Fixed Charges
   $ 73,925     $ 51,094     $ 82,347     $ 54,802     $ 46,773  
 
                                        
Ratio of Earnings to Fixed Charges
     N/A       N/A       N/A       N/A       N/A  
     
 
                                        
Deficiency
   $ 4,191     $ 73,451     $ 47,277     $ 2,642     $ 26,091