COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on June 6, 2013
Exhibit 12
CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
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Year Ended December 31,
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Three Months Ended
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2012
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2011
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2010
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2009
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2008
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March 31,
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(dollars in thousands)
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Post-Merger
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Post-Merger
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Post-Merger
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Post-Merger
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Combined
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2013
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2012
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Computation of earnings:
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Income (loss) before income taxes and adjustment for (income) loss from equity investees
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$ | (267,142 | ) | $ | 100,486 | $ | (44,882 | ) | $ | (990,203 | ) | $ | (3,140,428 | ) | $ | (78,670 | ) | $ | (60,908 | ) | ||||||||
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Distributed income (loss) from equity investees
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46 | 3,190 | 2,332 | 3,317 | 15,548 | - | - | |||||||||||||||||||||
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Fixed charges
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727,783 | 602,677 | 578,087 | 504,615 | 571,803 | 175,003 | 154,752 | |||||||||||||||||||||
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Total earnings
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$ | 460,687 | $ | 706,353 | $ | 535,537 | $ | (482,271 | ) | $ | (2,553,077 | ) | $ | 96,333 | $ | 93,844 | ||||||||||||
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Computation of fixed charges:
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Interest expense
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373,876 | 242,435 | 239,453 | 154,919 | 165,102 | 88,093 | 67,831 | |||||||||||||||||||||
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Portion of rent expense representative of interest
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353,907 | 360,242 | 338,634 | 349,696 | 406,701 | 86,910 | 86,921 | |||||||||||||||||||||
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Total fixed charges
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$ | 727,783 | $ | 602,677 | $ | 578,087 | $ | 504,615 | $ | 571,803 | $ | 175,003 | $ | 154,752 | ||||||||||||||
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Ratio of earnings to fixed charges
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N/A | 1.17 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||