EXHIBIT 12

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)

	Three Months Ended November 30,					Nine Months Ended November 30,
	2005		2006			2005		2006
EARNINGS:
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	3,875	$	(201	)	$	22,271	$	11,000
Add:
Fixed charges		23,402		12,443			57,681		42,335
Amortization of capitalized interest		18		18			55		55
Less:
Capitalized interest		—		—			—		—
Preferred stock dividends		2,246		2,246			6,738		6,738
Earnings	$	25,049	$	10,014		$	73,269	$	46,652
FIXED CHARGES:
Interest expense (including amortization of debt expenses)	$	20,487	$	9,505		$	49,073	$	33,621
Capitalized interest		—		—			—		—
Portion of rents representative of the interest factor		669		692			1,870		1,976
Preferred stock dividends		2,246		2,246			6,738		6,738
Fixed Charges	$	23,402	$	12,443		$	57,681	$	42,335
Ratio of Earnings to Fixed Charges		1.1		N/A			1.3		1.1
Deficiency	$	—	$	2,429		$	—	$	—