Lyapunov spectrum of square-tiled cyclic covers

A cyclic cover over the Riemann sphere branched at four points inherits a natural flat structure from the "pillow" flat structure on the basic sphere. We give an explicit formula for all individual Lyapunov exponents of the Hodge bundle over the corresponding arithmetic Teichmuller curve. The key technical element is evaluation of degrees of line subbundles of the Hodge bundle, corresponding to eigenspaces of the induced action of deck transformations.