Exhibit 12.1
Live Nation Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
(9,380
)
 
$
48,326

 
$
6,353

 
$
(99,820
)
 
$
(5,137
)
Equity in earnings (losses) of nonconsolidated affiliates
1,161

 
(17,802
)
 
1,502

 
4,166

 
856

Income (loss) before income taxes, equity in earnings of nonconsolidated affiliates and cumulative effect of a change in accounting principle
(10,541
)
 
66,128

 
4,851

 
(103,986
)
 
(5,993
)
Dividends and other received from nonconsolidated affiliates
—

 
—

 
—

 
—

 
—

Total earnings
(10,541
)
 
66,128

 
4,851

 
(103,986
)
 
(5,993
)
Fixed charges:
 
 
 
 
 
 
 
 
 
  Interest expense
106,722

 
106,506

 
102,881

 
106,312

 
111,659

  Amortization of loan fees *
—

 
—

 
—

 
—

 
—

  Interest portion of rentals
77,032

 
68,608

 
55,834

 
54,495

 
56,921

Total fixed charges
183,754

 
175,114

 
158,715

 
160,807

 
168,580

Preferred stock dividends
—

 
—

 
—

 
—

 
—

Total fixed charges
183,754

 
175,114

 
158,715

 
160,807

 
168,580

Total earnings available for payment of fixed charges
$
173,213

 
$
241,242

 
$
163,566

 
$
56,821

 
$
162,587

Ratio of earnings to fixed charges
0.94

 
1.38

 
1.03

 
0.35

 
0.96

Deficiency of earnings to fixed charges
(10,541
)
 
—

 
—

 
(103,986
)
 
(5,993
)
Interest portion of rentals
35
%
 
35
%
 
35
%
 
35
%
 
35
%
_________
*
Amortization of loan fees is included in interest expense