
<PAGE>   1
 
                                                                    EXHIBIT 12.2
 
                CHANCELLOR BROADCASTING COMPANY AND SUBSIDIARIES
 
         COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
                           PREFERRED STOCK DIVIDENDS
                                 (IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                                                                                  ACTUAL      ACTUAL
                                                                                                  QUARTER     QUARTER
                                                            YEAR ENDED DECEMBER 31,                ENDED       ENDED
                                                 ---------------------------------------------   MARCH 31,   MARCH 31,
                                                  1992     1993     1994     1995       1996       1996        1997
                                                 ------   ------   ------   -------   --------   ---------   ---------
<S>                                              <C>      <C>      <C>      <C>       <C>        <C>         <C>
Earnings:
Income (loss) before income taxes..............     920    2,699    1,876    (7,731)     1,897     (4,986)     (4,948)
Fixed charges..................................     789      768    5,323    18,391     56,066     10,689      25,253
Less: Dividends and accretion on preferred
  stock of subsidiary..........................      --       --       --        --    (19,262)    (2,767)    (13,558)
                                                 ------   ------   ------   -------   --------    -------    --------
Earnings as adjusted (A).......................   1,709    3,467    7,199    10,660     38,701      2,936       6,747
                                                 ======   ======   ======   =======   ========    =======    ========
Fixed Charges:
  Interest expense.............................     724      700    5,247    18,115     35,704      7,647      11,420
  Amortization of deferred financing costs.....      --       --       --        --         --         --          --
  Dividends and accretion on preferred stock of
    subsidiary(1)..............................      --       --       --        --     19,262      2,767      13,558
  Rents under leases representative of an
    interest factor(2).........................      65       68       76       276      1,100        275         275
                                                 ------   ------   ------   -------   --------    -------    --------
Fixed charges as adjusted (B)..................     789      768    5,323    18,391     56,066     10,689      25,253
                                                 ======   ======   ======   =======   ========
Preferred Stock dividends(1)...................                                                        --       2,423
                                                                                                  -------    --------
Total fixed charges and preferred stock
  dividends (B)................................                                                   $10,689    $ 27,676
                                                                                                  =======    ========
Ratio of earnings to combined fixed charges and
  preferred stock dividends (A) divided by
  (B)..........................................   2.17x    4.51x    1.35x        --         --
Deficiency of earnings to combined fixed
  charges and preferred stock dividends (B)
  minus (A)....................................  $   --   $   --   $   --   $ 7,731   $ 17,365    $ 7,753    $ 20,929
</TABLE>
 
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(1) Represents pretax earnings required to cover preferred stock dividends.
 
(2) Management of Chancellor believes approximately one-third of rental and
    lease expense is representative of the interest component of rent expense.
