iHeartMedia 2002 Annual Report Download - page 172
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EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio)
<Table>
<Caption>
Year Ended
--------------------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
<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 $ 1,191,261 $(1,259,390) $ 688,384 $ 220,213 $ 117,922
Dividends and other received from
nonconsolidated affiliates 6,295 7,426 4,934 7,079 9,168
----------- ----------- ----------- ----------- -----------
Total 1,197,556 (1,251,964) 693,318 227,292 127,090
Fixed Charges
Interest expense 432,786 560,077 413,425 192,321 135,766
Amortization of loan fees 12,077 14,648 12,401 1,970 2,220
Interest portion of rentals 293,831 270,653 50,317 24,511 16,044
----------- ----------- ----------- ----------- -----------
Total fixed charges 738,694 845,378 576,143 218,802 154,030
Preferred stock dividends
Tax effect of preferred dividends -- -- -- -- --
After tax preferred dividends -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total fixed charges and preferred dividends 738,694 845,378 576,143 218,802 154,030
Total earnings available for payment of
fixed charges $ 1,936,250 $ (406,586) $ 1,269,461 $ 446,094 $ 281,120
=========== =========== =========== =========== ===========
Ratio of earnings to fixed charges 2.62 * 2.20 2.04 1.83
=========== =========== =========== =========== ===========
Rental fees and charges 839,516 773,293 429,476 306,393 200,550
Interest rate 35% 35% 35% 8% 8%
</Table>
*For the year ended December 31, 2001, fixed charges exceeded earnings before
income taxes and fixed charges by $1.3 billion.