EX-12 14 d831226dex12.htm EX-12 EX-12

Exhibit 12

iHeartMedia Capital I, LLC

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

     Year Ended December 31,     Nine Months Ended
September 30,		  
(dollars in thousands)    2009     2010     2011     2012     2013     2013     2014  
Computation of earnings:                                  (unaudited)     (unaudited)  

Income (loss) before income taxes and adjustment for (income) loss from equity investees

      $ (4,521,667 )      $ (628,535 )      $ (420,965 )      $ (738,026 )      $ (627,638 )      $ (453,529 )      $ (610,463 ) 

Distributed income (loss) from equity investees

      20,901        11,084        18,527        20,122        19,994        17,442        228   

Fixed charges

      1,896,482        1,919,554        1,872,749        1,948,406        2,053,888        1,531,249        1,615,697   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

      $   (2,604,284 )      $ 1,302,103        $ 1,470,311        $ 1,230,502        $ 1,446,244        $ 1,095,162        $ 1,005,462   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Computation of fixed charges:

               

Interest expense

      1,500,866        1,533,341        1,466,246        1,549,023        1,649,451        1,231,437        1,304,335   

Portion of rent expense representative of interest(1)

      395,616        386,213        406,503        399,383        404,437        299,812        311,362   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      $ 1,896,482        $ 1,919,554        $ 1,872,749        $ 1,948,406        $ 2,053,888        $ 1,531,249        $ 1,615,697   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(2)

      N/A        N/A        N/A        N/A        N/A        N/A        N/A   

 

  (1)  Imputed interest on operating leases is estimated to be approximately one-third of rent expense.

 

  (2)  For the years ended December 31, 2013, 2012, 2011, 2010, and 2009, and the nine months ended September 30, 2014 and 2013, earnings available for fixed charges were inadequate to cover fixed charges by $607.6 million, $717.9 million, $402.4 million, $617.5 million, $4,500.8 million, $610.2 million and $436.1 million, respectively.