EX-12 3 a04-2752_1ex12.htm EX-12

EXHIBIT 12

 

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
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002, 2001, 2000, and 1999
(DOLLARS IN THOUSANDS)

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

Income (loss) before provision (benefit) for income taxes from continuing operations

 

$

38,420

 

$

(10,143

)

$

(187,345

)

$

(34,476

)

$

(21,542

)

Fixed charges (a)

 

128,228

 

126,500

 

143,574

 

152,219

 

181,569

 

Earnings available for fixed charges

 

166,648

 

116,357

 

(43,771

)

117,743

 

160,027

 

Fixed charges (a)

 

128,228

 

126,500

 

143,574

 

152,219

 

181,569

 

Excess of earnings over fixed charges (b)

 

$

38,420

 

$

(10,143

)

$

(187,345

)

$

(34,476

)

$

(21,542

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.30

 

—

 

—

 

—

 

—

 

Earnings available for combined fixed charges and preferred stock dividends

 

$

182,571

 

$

132,280

 

$

(27,848

)

$

134,865

 

$

177,149

 

Combined fixed charges and preferred stock dividends (c)

 

144,151

 

142,423

 

159,497

 

169,341

 

198,691

 

Excess of earnings over combined fixed charges and preferred stock dividends (d)

 

$

38,420

 

$

(10,143

)

$

(187,345

)

$

(34,476

)

$

(21,542

)

Ratio of earnings to combined fixed charges and preferred stock dividends

 

1.27

 

—

 

—

 

—

 

—

 

 

(a)             Fixed charges consist of interest expense, which includes interest on all debt and amortization of debt discount, capitalized interest and amortization of deferred financing costs.

 

(b)            Earnings were inadequate to cover fixed charges for the years ended December 31, 2002, 2001, 2000 and 1999.  Additional earnings of $10,143, $187,345, $34,476 and $21,542 would have been required to cover fixed charges in the years ended December 31, 2002, 2001, 2000 and 1999, respectively.

 

(c)             Combined fixed charges and preferred stock dividends consist of interest expense, which includes interest on all debt and amortization of debt discount and premium, capitalized interest and deferred financing costs and preferred stock dividends.  Preferred stock dividends are divided by (1 – effective tax rate) with the tax rate being 35.00% for the years ended December 31, 2003, 2002 and 2001.  The tax rate for years ended December 31, 2000 and 1999 was 39.55%.

 

(d)            Earnings were inadequate to cover combined fixed charges and preferred stock dividends for the years ended December 31, 2002, 2001, 2000 and 1999.  Additional earnings of $10,143, $187,345, $34,476 and $21,542 would have been required to cover fixed charges in the years ended December 31, 2002, 2001, 2000 and 1999, respectively.