EX-12 2 a09-1328_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, 2008, 2007, 2006, 2005, and 2004

(DOLLARS IN THOUSANDS)

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

(Loss) income before benefit (provision) for income taxes from continuing operations

 

$

(357,551

)

$

40,858

 

$

55,091

 

$

70,535

 

$

69,049

 

Fixed charges (a)

 

79,271

 

96,864

 

115,217

 

120,002

 

120,400

 

Earnings available for fixed charges

 

(278,280

)

137,722

 

170,308

 

190,537

 

189,449

 

Fixed charges (b)

 

79,996

 

96,864

 

115,217

 

120,002

 

120,400

 

Excess of (loss) earnings over fixed charges

 

$

(358,276

)

$

40,858

 

$

55,091

 

$

70,535

 

$

69,049

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

0.00

 

1.42

 

1.48

 

1.59

 

1.57

 

(Loss) earnings available for combined fixed charges and preferred stock dividends

 

$

(278,280

)

$

137,722

 

$

170,308

 

$

198,815

 

$

205,111

 

Combined fixed charges and preferred stock dividends (c)

 

79,996

 

96,864

 

115,217

 

128,280

 

136,062

 

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

 

$

(358,276

)

$

40,858

 

$

55,091

 

$

70,535

 

$

69,049

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

0.00

 

1.42

 

1.48

 

1.55

 

1.51

 

 

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

 

(b)               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.

 

(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 39.55% for the year ended December 31, 2005 and 35.00% for the years ended December 31, 2004.  On June 15, 2005, we completed an exchange of our Series D Convertible Exchangeable Preferred Stock into Convertible Debentures, due 2012.  Accordingly, there were no preferred stock dividends paid in 2006, 2007 or 2008.