iHeartMedia 2004 Annual Report Download - page 171

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EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
(In thousands, except ratio) Year Ended
----------------------------------------------------------------------
2004 2003 2002 2001 2000
----------- ----------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Income (loss) before income taxes, equity in
earnings of non-consolidated affiliates,
extraordinary item and cumulative effect
of a change in accounting principle $1,339,001 $1,903,338 $ 1,191,261 $(1,259,390) $ 688,384
Dividends and other received from
nonconsolidated affiliates 13,491 2,096 6,295 7,426 4,934
---------- ---------- ------------ ----------- -----------
Total 1,352,492 1,905,434 1,197,556 (1,251,964) 693,318
Fixed Charges
Interest expense 367,753 388,000 432,786 560,077 413,425
Amortization of loan fees * * 12,077 14,648 12,401
Interest portion of rentals 385,438 338,965 293,831 270,653 150,317
---------- ---------- ------------ ----------- -----------
Total fixed charges 753,191 726,965 738,694 845,378 576,143
Preferred stock dividends
Tax effect of preferred dividends -- -- -- -- --
After tax preferred dividends -- -- -- -- --
---------- ---------- ------------ ----------- -----------
Total fixed charges and preferred dividends 753,191 726,965 738,694 845,378 576,143
Total earnings available for payment of
fixed charges $2,105,683 $2,632,399 $ 1,936,250 $ (406,586) $ 1,269,461
========== ========== ============ =========== ===========
Ratio of earnings to fixed charges 2.80 3.62 2.62 ** 2.20
========== ========== ============ =========== ===========
Rental fees and charges 1,101,251 968,470 839,516 773,293 429,476
Interest rate 35% 35% 35% 35% 35%
</TABLE>
* Amortization of loan fees is included in Interest expense beginning
January 1, 2003.
** For the year ended December 31, 2001, fixed charges exceeded earnings
before income taxes and fixed charges by $1.3 billion.