EX-12 6 a11-31176_1ex12.htm EX-12

EXHIBIT 12

 

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 YEARS ENDED DECEMBER 31, 2011, 2010, 2009, 2008, and 2007

(DOLLARS IN THOUSANDS)

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

121,373

 

$

115,851

 

$

(170,460

)

$

(369,884

)

$

33,132

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

(Earnings) loss of equity investees

 

(3,269

)

4,861

 

(354

)

2,703

 

(601

)

Dividends and distributions of income from equity investees

 

6,031

 

999

 

1,028

 

1,693

 

3,051

 

Total interest expense (a)

 

106,128

 

116,046

 

80,021

 

87,634

 

102,228

 

Portion of rents representative of the interest factor (b)

 

1,302

 

1,241

 

1,379

 

1,438

 

1,679

 

Earnings (loss), as adjusted

 

$

231,565

 

$

238,998

 

$

(88,386

)

$

(276,416

)

$

139,489

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Total interest expense (c)

 

$

106,692

 

$

118,407

 

$

81,739

 

$

88,396

 

$

102,228

 

Portion of rents representative of the interest factor

 

1,302

 

1,241

 

1,379

 

1,438

 

1,679

 

Total fixed charges

 

$

107,994

 

$

119,648

 

$

83,118

 

$

89,834

 

$

103,907

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

—

 

—

 

—

 

—

 

—

 

Total combined fixed charges and preferred stock dividends (d)

 

$

107,994

 

$

119,648

 

$

83,118

 

$

89,834

 

$

103,907

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (e)

 

2.14

 

2.00

 

—

 

—

 

1.34

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends (e)

 

2.14

 

2.00

 

—

 

—

 

1.34

 

 

(a)               Consists of interest expense on all debt, including amortization of debt discount/premium and amortization of deferred financing costs.

 

(b)               Management believes this portion is representative of the interest factor.

 

(c)                Consists of interest expense on all debt, including amortization of debt discount/premium and amortization of deferred financing costs, as well as capitalized interest.

 

(d)               There was no preferred stock issued or outstanding for any period presented in the table.

 

(e)                Due to the losses for 2009 and 2008, the ratio coverage was less than 1.1 for those respective years.  The deficiency of earnings to cover fixed charges was $171.5 million and $366.3 million for 2009 and 2008, respectively.