Exhibit 12.1

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

	FEBRUARY 28 (29),												Pro Forma
	2001		2002			2003		2004		2005			2005
EARNINGS:
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	34,597	$	(85,650	)	$	10,241	$	18,718	$	(24,041	)	$	(54,299	)
Add:
Fixed charges		83,072		140,456			115,867		97,863		78,810			109,068
Amortization of capitalized interest		74		74			74		74		74			74
Less:
Capitalized interest		—		—			—		—		—			—
Preferred stock dividends		8,984		8,984			8,984		8,984		8,984			8,984
Earnings	$	108,759	$	45,896		$	117,198	$	107,671	$	45,859		$	45,859
FIXED CHARGES:
Interest expense (including amortization of debt expenses)	$	71,936	$	128,807		$	103,617	$	85,958	$	66,657		$	96,915
Capitalized interest		—		—			—		—		—			—
Portion of rents representative of the interest factor		2,152		2,665			3,266		2,921		3,169			3,169
Preferred stock dividends		8,984		8,984			8,984		8,984		8,984			8,984
Fixed Charges	$	83,072	$	140,456		$	115,867	$	97,863	$	78,810		$	109,068
Ratio of Earnings to Fixed Charges		1.3		0.3			1.0		1.1		0.6			0.4
Deficiency	$	—	$	94,560		$	—	$	—	$	32,951		$	63,209