EX-12 7 d904022dex12.htm EX-12 EX-12

Exhibit 12

iHeart Communications, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

     Year Ended December 31,  
(dollars in thousands)    2010     2011     2012     2013     2014  

Computation of earnings:

           

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

    $ (628,535 )    $ (420,965 )    $ (738,026 )    $ (627,638 )    $ (694,253 ) 

Distributed income (loss) from equity investees

      11,084        18,527        20,122        19,994        1,228   

Fixed charges

      1,919,554        1,872,749        1,948,406        2,053,888        2,151,381   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

 $ 1,302,103    $ 1,470,311    $ 1,230,502    $ 1,446,244    $ 1,446,244   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Computation of fixed charges:

Interest expense

   1,533,341      1,466,246      1,549,023      1,649,451      1,741,596   

Portion of rent expense representative of interest(1)

   386,213      406,503      399,383      404,437      409,785   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

 $ 1,919,554    $ 1,872,749    $ 1,948,406    $ 2,053,888    $ 2,151,381   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(2)

   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, 2014, 2013, 2012, 2011 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $693.0 million, $607.6 million, $717.9 million, $402.4 million, $617.5 million and $4,500.8 million, respectively.