iHeartMedia 2007 Annual Report Download - page 138

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EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended
(In thousands, except ratio) 2007 2006 2005 2004 2003
Income (loss) before income taxes, equity in earnings
of non-consolidated affiliates, extraordinary item
and cumulative effect of a change in accounting
principle $1,165,723 $1,041,060 $935,440 $1,165,285 $1,692,806
Dividends and other received from nonconsolidated
affiliates 6,793 15,179 14,696 13,491 2,096
Total 1,172,516 1,056,239 950,136 1,178,776 1,694,902
Fixed Charges
Interest expense
(1)
451,870 484,063 443,442 367,511 392,215
Interest portion of rentals 417,795 374,123 341,752 320,634 281,873
Total fixed charges 869,665 858,186 785,194 688,145 674,088
Preferred stock dividends
Tax effect of preferred dividends
—
—
— —
—
After tax preferred dividends
—
—
— —
—
Total fixed charges and preferred dividends 869,865 858,186 785,194 688,145 674,088
Total earnings available for payment of fixed charges $2,042,181 $1,914,425 $1,735,330 $1,866,921 $2,368,990
Ratio of earnings to fixed charges 2.35 2.23 2.21 2.71 3.51
Rental fees and charges 1,193,701 1,068,924 976,435 916,096 805,350
Interest portion 35%35%35% 35%35%
(1) The interest amount does not include interest expense associated with unrecognized tax benefits.