EX-12.1 3 cmls20131231-ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CMLS 20131231-EX 12.1


Exhibit 12.1
Cumulus Media Inc.
Computation of Ratio of Earnings to Fixed Charges

The following table presents the computation of our ratio of earnings to fixed charges for each of the periods indicated (in thousands, except ratio).

 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
166,110

 
$
189,073

 
$
81,938

 
$
26,067

 
$
22,182

Amortization of debt discount
 
9,919

 
10,131

 
4,801

 
1,250

 
1,079

Total fixed charges
 
$
176,029

 
$
199,204

 
$
86,739

 
$
27,317

 
$
23,261

 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees
 
$
(24,851
)
 
$
(146,602
)
 
$
(29,602
)
 
$
6,034

 
$
(172,736
)
Add: fixed charges
 
176,029

 
199,204

 
86,739

 
27,317

 
23,261

Less: preferred stock dividends
 
(10,676
)
 
(21,432
)
 
(6,961
)
 
—

 
—

Total earnings available for fixed charges
 
$
140,502

 
$
31,170

 
$
50,176

 
$
33,351

 
$
149,483

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
*
 
*
 
*
 
1.22

 
*

* Earnings for the years ended December 31, 2013, 2012, 2011, and 2009 were inadequate to cover fixed charges. The coverage deficiency for these years was $35,527, $168,034, $36,653, $172,744, respectively. For purposes of calculating the ratio of earnings to fixed charges, earnings consist of earnings before provision for income taxes, non-controlling interest, plus fixed charges. Fixed charges consist of interest expense and amortized discounts, and preference security dividend requirements.