EX-12.1 2 cmls20141231-ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CMLS 2014.12.31 - EX12.1


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,
 
2014
 
2013
 
2012
 
2011
 
2010
Fixed Charges:









Interest expense
$
134,680


$
166,110


$
189,073


$
81,938


$
26,067

Amortization of debt discount
9,493


9,919


10,131


4,801


1,250

Total fixed charges
$
144,173


$
176,029


$
199,204


$
86,739


$
27,317











Earnings available for fixed charges:









Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees
$
22,023


$
(24,851
)

$
(146,602
)

$
(29,602
)

$
6,034

Add: fixed charges
144,173


176,029


199,204


86,739


27,317

Less: preferred stock dividends


(10,676
)

(21,432
)

(6,961
)


Total earnings available for fixed charges
$
166,196


$
140,502


$
31,170


$
50,176


$
33,351











Ratio of earnings to fixed charges
1.15


*

*

*

1.22


* Earnings for the years ended December 31, 2013, 2012, and 2011 were inadequate to cover fixed charges. The coverage deficiency for these years was $35,527, $168,034 and $36,653, 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.