Live Nation, Inc. | ||
Computation of Ratio of Earnings to Fixed Charges | ||
(In thousands, except ratio) |
Year Ended | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Income (loss) before income taxes, equity in earnings of
nonconsolidated affiliates, and cumulative effect of a
change in accounting principle |
$ | (68,855 | ) | $ | 11,819 | $ | 67,010 | $ | 32,642 | $ | (261,959 | ) | ||||||||
Dividends and other received from nonconsolidated affiliates |
| | | | | |||||||||||||||
Total earnings |
(68,855 | ) | 11,819 | 67,010 | 32,642 | (261,959 | ) | |||||||||||||
Fixed charges: |
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Interest expense |
52,496 | 45,474 | 44,203 | 62,606 | 74,977 | |||||||||||||||
Amortization of loan fees |
* | | | | | |||||||||||||||
Interest portion of rentals |
63,292 | 61,481 | 56,105 | 49,630 | 46,235 | |||||||||||||||
Total fixed charges |
115,788 | 106,955 | 100,308 | 112,236 | 121,212 | |||||||||||||||
Preferred stock dividends |
| | | | | |||||||||||||||
Total fixed charges and preferred stock dividends |
115,788 | 106,955 | 100,308 | 112,236 | 121,212 | |||||||||||||||
Total earnings available for payment of fixed charges |
$ | 46,933 | $ | 118,774 | $ | 167,318 | $ | 144,878 | $ | (140,747 | ) | |||||||||
Ratio of earnings to fixed charges |
0.41 | 1.11 | 1.67 | 1.29 | ** | |||||||||||||||
Rental fees and charges |
$ | 180,835 | $ | 175,659 | $ | 160,300 | $ | 141,800 | $ | 132,101 | ||||||||||
Interest rate |
35 | % | 35 | % | 35 | % | 35 | % | 35 | % |
* | Amortization of loan fees is included in Interest expense. | |
** | For the year ended December 31, 2001, fixed charges exceeded earnings before income taxes and fixed charges by $262.0 million. |