EX-12.1 2 cmls20151231-ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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,
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed Charges:
 
 







Interest expense
$
130,559

 
$
134,680


$
166,110


$
189,073


$
81,938

Amortization of debt discount
9,541

 
9,493

 
9,919


10,131


4,801

Total fixed charges
$
140,100

 
$
144,173


$
176,029


$
199,204


$
86,739


 
 







Earnings available for fixed charges:
 
 







Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees
$
(592,334
)
 
$
22,023

 
$
(24,851
)
 
$
(146,602
)
 
$
(29,602
)
Add: fixed charges
140,100

 
144,173


176,029


199,204


86,739

Less: preferred stock dividends
—

 
—


(10,676
)

(21,432
)

(6,961
)
Total earnings available for fixed charges
$
(452,234
)
 
$
166,196


$
140,502


$
31,170


$
50,176


 
 







Ratio of earnings to fixed charges
*
 
1.15


*

*

*

* Earnings for the years ended December 31, 2015, 2013, 2012, and 2011 were inadequate to cover fixed charges. The coverage deficiency for these years was $592,334, $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.