EXHIBIT 12.1

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)

	FEBRUARY 28 (29),
												Pro Forma
	2000		2001		2002			2003		2004		2004
EARNINGS:
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	7,597	$	32,870	$	(85,451	)	$	18,780	$	28,129	$	56,082
Add:
Fixed charges		57,018		83,580		140,749			116,085		97,863		69,910
Amortization of capitalized interest		74		74		74			74		74		74
Less:
Capitalized interest		420		—		—			—		—		—
Preferred stock dividends		3,144		8,984		8,984			8,984		8,984		8,984
Earnings	$	61,125	$	107,540	$	46,388		$	125,955	$	117,082	$	117,082
FIXED CHARGES:
Interest expense (including amortization of debt expenses)	$	51,986	$	72,444	$	129,100		$	103,835	$	85,958	$	58,005
Capitalized interest		420		—		—			—		—		—
Portion of rents representative of the interest factor		1,468		2,152		2,665			3,266		2,921		2,921
Preferred stock dividends		3,144		8,984		8,984			8,984		8,984		8,984
Fixed Charges	$	57,018	$	83,580	$	140,749		$	116,085	$	97,863	$	69,910
Ratio of Earnings to Fixed Charges		1.1		1.3		N/A			1.1		1.2		1.7
Deficiency	$	—	$	—	$	94,361		$	—	$	—	$	—