CLEAR CHANNEL COMMUNICATIONS INC - Annual Report (10-K) RATIO COMPUTATION

EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio)


	Year Ended
	2006			2005			2004			2003			2002
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle	$	1,152,100		$	1,020,666		$	1,270,082		$	1,782,805		$	1,085,117
Dividends and other received from nonconsolidated affiliates		15,179			14,696			13,491			2,096			6,295

Total		1,167,279			1,035,362			1,283,573			1,784,901			1,091,412

Fixed Charges
Interest expense		483,974			443,245			367,503			392,215			430,890
Amortization of loan fees		*			*			*			*			12,077
Interest portion of rentals		377,767			345,288			323,957			285,143			246,514

Total fixed charges		861,741			788,533			691,460			677,358			689,481

Preferred stock dividends
Tax effect of preferred dividends		—			—			—			—			—
After tax preferred dividends		—			—			—			—			—

Total fixed charges and preferred dividends		861,741			788,533			691,460			677,358			689,481

Total earnings available for payment of fixed charges	$	2,029,020		$	1,823,895		$	1,975,033		$	2,462,259		$	1,780,893


Ratio of earnings to fixed charges		2.35			2.31			2.86			3.64			2.58


Rental fees and charges		1,079,335			986,536			925,592			814,694			704,327
Interest rate		35	%		35	%		35	%		35	%		35	%