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Filing tables
Filing exhibits
- 10-K Annual report
- 3.1 Exhibit 3.1
- 10.18 Exhibit 10.18
- 10.23 Exhibit 10.23
- 10.24 Exhibit 10.24
- 12.1 Computation of Ratio of Earnings to Fixed Charges
- 21.1 Subsidiaries of Cumulus Media Inc
- 23.1 Consent of Pricewaterhousecoopers LLP
- 31.1 Certification of Registrant's CEO As Required by Section 302
- 31.2 Certification of Registrant's CFO As Required by Section 302
- 32.1 Officer Certification As Required by Section 906
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Exhibit 12.1
Cumulus Media Inc.
Computation of Ratio of Earnings to Fixed Charges
The following table presents the computation of our ratio of earnings to fixed charges for each of the periods indicated (in thousands, except ratio).
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 127,980 | $ | 130,559 | $ | 134,680 | $ | 166,110 | $ | 189,073 | |||||||||
Amortization of debt discount and debt interest costs | 9,961 | 9,541 | 9,493 | 9,919 | 10,131 | ||||||||||||||
Total fixed charges | $ | 137,941 | $ | 140,100 | $ | 144,173 | $ | 176,029 | $ | 199,204 | |||||||||
Earnings available for fixed charges: | |||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees | $ | (536,874 | ) | $ | (592,334 | ) | $ | 22,023 | $ | (24,851 | ) | $ | (146,602 | ) | |||||
Add: fixed charges | 137,941 | 140,100 | 144,173 | 176,029 | 199,204 | ||||||||||||||
Less: preferred stock dividends | — | — | — | (10,676 | ) | (21,432 | ) | ||||||||||||
Total earnings available for fixed charges | $ | (398,933 | ) | $ | (452,234 | ) | $ | 166,196 | $ | 140,502 | $ | 31,170 | |||||||
Ratio of earnings to fixed charges | * | * | 1.15 | * | * |
* Earnings for the years ended December 31, 2016, 2015, 2013, and 2012 were inadequate to cover fixed charges. The coverage deficiency for these years was $536,874, $592,334, $35,527 and $168,034, respectively. For purposes of calculating the ratio of earnings to fixed charges, earnings consist of earnings before provision for income taxes, non-controlling interest, plus fixed charges. Fixed charges consist of interest expense and amortized discounts, and preference security dividend requirements.