EX-12.1 3 a2201014zex-12_1.htm EX-12.1

EXHIBIT 12.1

 

SINCLAIR BROADCAST GROUP, INC AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND THE YEARS ENDED
DECEMBER 31, 2009, 2008, 2007, 2006, and 2005

(DOLLARS IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Nine
Months
Ended
September
30, 2010

 

2009

 

2008
(as restated)
(d)

 

2007
(as restated)
(d)

 

2006
(as restated)
(d)

 

2005
(as restated)
(d)

 

Income (loss) before benefit (provision) for income taxes from continuing operations

 

$

68,004

 

$

(169,786

)

$

(365,488

)

$

35,582

 

$

54,991

 

$

69,232

 

Fixed charges (a)

 

88,700

 

80,021

 

87,634

 

102,228

 

115,217

 

120,002

 

Earnings (loss) available for fixed charges

 

156,704

 

(89,765

)

(277,854

)

137,810

 

170,208

 

189,234

 

Fixed charges (b)

 

90,556

 

81,739

 

88,396

 

102,228

 

115,217

 

120,002

 

Excess (deficit) of earnings (loss) over fixed charges

 

$

66,148

 

$

(171,504

)

$

(366,250

)

$

35,582

 

$

54,991

 

$

69,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.73

 

0.00

 

0.00

 

1.35

 

1.48

 

1.58

 

Earnings (loss) available for combined fixed charges and preferred stock dividends

 

$

156,704

 

$

(89,765

)

$

(277,854

)

$

137,810

 

$

170,208

 

$

197,512

 

Combined fixed charges and preferred stock dividends (c)

 

90,556

 

81,739

 

88,396

 

102,228

 

115,217

 

128,280

 

Excess (deficit) of earnings (loss) over combined fixed charges and preferred stock dividends

 

$

66,148

 

$

(171,504

)

$

(366,250

)

$

35,582

 

$

54,991

 

$

69,232

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

1.73

 

0.00

 

0.00

 

1.35

 

1.48

 

1.54

 

 

(a)                Fixed charges consist of interest expense, which includes interest on all debt and amortization of debt discount, and amortization of deferred financing costs.

 

(b)               Fixed charges consist of interest expense, which includes interest on all debt and amortization of debt discount,  capitalized interest and amortization of deferred financing costs.

 

(c)                Combined fixed charges and preferred stock dividends consist of interest expense, which includes interest on all debt and amortization of debt discount and premium, capitalized interest and deferred financing costs and preferred stock dividends.  Preferred stock dividends are divided by (1 — effective tax rate) with the tax rate being 39.55% for the year ended December 31, 2005.  Accordingly, there were no preferred stock dividends paid in 2006, 2007, 2008, 2009 or 2010.

 

(d)               Earnings included in this ratio include the effects of the retrospective application of FSB APB 14-1 and FAS 160.