EX-12 4 c05253exv12.htm RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, dollars in thousands)
                                         
    FEBRUARY 28 (29),
    2002   2003   2004   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
   $ (93,854 )   $ (40,984 )   $ 7,084     $ (62,249 )   $ 36,660  
Add:
                                        
Fixed charges
     139,802       114,631       74,351       51,094       81,989  
Amortization of capitalized interest
     74       74       74       74       74  
Less:
                                        
Capitalized interest
     —       —       —       —       —  
Preferred stock dividends
     8,984       8,984       8,984       8,984       8,984  
     
Earnings
   $ 37,038     $ 64,737     $ 72,525     $ (20,065 )   $ 109,739  
 
                                        
FIXED CHARGES:
                                        
Interest expense (including amortization of debt expenses)
   $ 128,625     $ 103,459     $ 62,590     $ 39,690     $ 70,586  
Capitalized interest
     —       —       —       —       —  
Portion of rents representative of the interest factor
     2,193       2,188       2,777       2,420       2,419  
Preferred stock dividends
     8,984       8,984       8,984       8,984       8,984  
     
Fixed Charges
   $ 139,802     $ 114,631     $ 74,351     $ 51,094     $ 81,989  
 
                                        
Ratio of Earnings to Fixed Charges
     N/A       N/A       N/A       N/A       1.3  
     
 
                                        
Deficiency
   $ 102,764     $ 49,894     $ 1,826     $ 71,159     $ —