EX-12.1 2 a2199676zex-12_1.htm EX-12.1
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Exhibit 12.1

        Computation of Ratio of Earnings to Fixed Charges
(in thousands)

 
   Six Months Ended June 30,   Fiscal Year Ended December 31,  
 
   2010   2009   2009   2008   2007   2006   2005  

Fixed charges:

                                            
 

Interest expense, including amortization of debt issue costs and discounts

   $ 25,143   $ 21,164   $ 44,405   $ 55,872   $ 65,467   $ 71,289   $ 47,780  
 

Fixed charges pursuant to the two shortfall funding agreements with NBC Universal (the "shortfall agreements")(1)

     —     —     6,000     —     —     —     —  
 

Estimate of interest within rental expense(2)

     288     326     700     733     733     733     500  
                               
   

Total fixed charges

   $ 25,431   $ 21,490   $ 51,105   $ 56,605   $ 66,200   $ 72,022   $ 48,280  
                               

Earnings:

                                            
 

Pre-tax income (loss) from continuing operations before adjustment for income or loss before equity investees

   $ 11,063   $ 7,981   $ 29,528   $ (999,849 ) $ 44,664   $ (304,456 ) $ (28,815 )
 

Fixed charges (calculated above)

     25,431     21,490     51,105     56,605     66,200     72,022     48,280  
 

Impairment of equity investment(3)

     —     —     —     (53,549 )   —     —     —  
 

Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges(1)

     —     —     (6,000 )   —     —     —     —  
                               
   

Total Earnings

   $ 36,494   $ 29,471   $ 74,633   $ (996,793 ) $ 110,864   $ (232,434 ) $ 19,465  
                               

Ratio of earnings to fixed charges

     1.44     1.37     1.46     NM (4)   1.67     NM (4)   NM (4)
(1)
For the year ended December 31, 2009, fixed charges include $6.0 million pursuant to probable obligations under the shortfall agreements. Additionally, because of probable obligations under the shortfall agreements, the Company's share of losses in Station Venture Holdings, LLC has been included in the earnings calculation.

(2)
Management believes one third of the Company's rent expense is a reasonable approximation of the interest factor.

(3)
The impairment of the Company's investment in Station Venture Holdings, LLC is deducted from earnings as it does not represent the Company's share of losses in the joint venture.

(4)
Due to the Company's loss during the years ended December 31, 2008, 2006 and 2005, the ratio coverage was less than 1:1. The Company would have needed to generate additional earnings of $1,053.4 million, $304.5 million and $28.8 million to acheive a coverage of 1:1 in 2008, 2006 and 2005, respectively.

Note:    LIN TV Corp. currently has no outstanding preferred securities and, therefore, has not included a ratio of earnings to combined fixed charges and preferred dividends.



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