EX-12.1 3 a13-9488_2ex12d1.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

FOR THE YEARS ENDED DECEMBER 31, 2012, 2011, 2010, 2009, and 2008

(DOLLARS IN THOUSANDS)

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

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

 

$

212,340

 

$

121,373

 

$

115,851

 

$

(170,460

)

$

(369,884

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

(Earnings) loss of equity investees

 

(9,670

)

(3,269

)

4,861

 

(354

)

2,703

 

Dividends and distributions of income from equity investees

 

10,339

 

6,031

 

999

 

1,028

 

1,693

 

Total interest expense (a)

 

128,553

 

106,128

 

116,046

 

80,021

 

87,634

 

Portion of rents representative of the interest factor (b)

 

2,239

 

1,302

 

1,241

 

1,379

 

1,438

 

Earnings (loss), as adjusted

 

$

343,801

 

$

231,565

 

$

238,998

 

$

(88,386

)

$

(276,416

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Total interest expense (c)

 

$

128,553

 

$

106,692

 

$

118,407

 

$

81,739

 

$

88,396

 

Portion of rents representative of the interest factor

 

2,239

 

1,302

 

1,241

 

1,379

 

1,438

 

Total fixed charges

 

$

130,792

 

$

107,994

 

$

119,648

 

$

83,118

 

$

89,834

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (d)

 

—

 

—

 

—

 

—

 

—

 

Total combined fixed charges and preferred stock dividends (d)

 

$

130,792

 

$

107,994

 

$

119,648

 

$

83,118

 

$

89,834

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (e)

 

2.63

 

2.14

 

2.00

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends (e)

 

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.

 

(e)                Due to the losses for 2009 and 2008, the ratio coverage was less than 1.1 for those respective years.  The deficiency of earnings to cover fixed charges was $171.5 million and $366.3 million for 2009 and 2008, respectively.