EX-12.1 4 a2227316zex-12_1.htm EX-12.1

EXHIBIT 12.1

 

SINCLAIR BROADCAST GROUP, INC AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

(DOLLARS IN THOUSANDS)

 

 

 

Nine Months
Ended
September 30,
2015

 

2014

 

2013

 

2012

 

2011

 

2010

 

Income before provision for income taxes from continuing operations

 

$

162,240

 

$

312,547

 

$

105,508

 

$

212,340

 

$

121,373

 

$

115,851

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Earnings) loss of equity investees

 

(5,405

)

(2,313

)

(621

)

(9,670

)

(3,269

)

4,861

 

Dividends and distributions of income from equity investees

 

3,970

 

4,768

 

4,911

 

10,339

 

6,031

 

999

 

Total interest expense (a)

 

142,878

 

174,862

 

162,937

 

128,553

 

106,128

 

116,046

 

Portion of rents representative of the interest factor (b)

 

5,426

 

6,451

 

3,429

 

2,239

 

1,302

 

1,241

 

Earnings, as adjusted

 

$

309,109

 

$

496,315

 

$

276,164

 

$

343,801

 

$

231,565

 

$

238,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense (c)

 

$

142,878

 

$

175,205

 

$

162,937

 

$

128,553

 

$

106,692

 

$

118,407

 

Portion of rents representative of the interest factor

 

5,426

 

6,451

 

3,429

 

2,239

 

1,302

 

1,241

 

Total fixed charges

 

$

148,304

 

$

181,656

 

$

166,366

 

$

130,792

 

$

107,994

 

$

119,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (d)

 

—

 

—

 

—

 

—

 

—

 

—

 

Total combined fixed charges and preferred stock dividends (d)

 

$

148,304

 

$

181,656

 

$

166,366

 

$

130,792

 

$

107,994

 

$

119,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.08

 

2.73

 

1.66

 

2.63

 

2.14

 

2.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

2.08

 

2.73

 

1.66

 

2.63

 

2.14

 

2.00

 

 

(a)      Consists of interest expense on all debt, including amortization of debt discount/premium and amortization of deferred financing costs.

 

(b)     Management believes this portion is representative of the interest factor.

 

(c)      Consists of interest expense on all debt, including amortization of debt discount/premium and amortization of deferred financing costs, as well as capitalized interest.

 

(d)     There was no preferred stock issued or outstanding for any period presented in the table.