EXHIBIT 12.1
Live Nation, Inc.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
| Year Ended | ||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
| Income (loss) before income taxes, equity in earnings of nonconsolidated affiliates, and cumulative effect of a change in accounting principle |
$ | 26,850 | $ | (2,639 | ) | $ | (68,855 | ) | $ | 11,819 | $ | 67,010 | ||||||||
| Dividends and other received from nonconsolidated affiliates |
— | — | — | — | — | |||||||||||||||
| Total earnings |
26,850 | (2,639 | ) | (68,855 | ) | 11,819 | 67,010 | |||||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
61,915 | 37,218 | 52,496 | 45,474 | 44,203 | |||||||||||||||
| Amortization of loan fees |
* | * | * | — | — | |||||||||||||||
| Interest portion of rentals |
33,885 | 25,089 | 21,582 | 20,480 | 20,006 | |||||||||||||||
| Total fixed charges |
95,800 | 62,307 | 74,078 | 65,954 | 64,209 | |||||||||||||||
| Preferred stock dividends |
— | — | — | — | — | |||||||||||||||
| Total fixed charges and preferred stock dividends |
95,800 | 62,307 | 74,078 | 65,954 | 64,209 | |||||||||||||||
| Total earnings available for payment of fixed charges |
$ | 122,650 | $ | 59,668 | $ | 5,223 | $ | 77,773 | $ | 131,219 | ||||||||||
| Ratio of earnings to fixed charges |
1.28 | 0.96 | 0.07 | 1.18 | 2.04 | |||||||||||||||
| Rental fees and charges |
96,813 | 71,683 | 61,664 | 58,513 | 57,159 | |||||||||||||||
| Interest rate |
35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
| * | Amortization of loan fees is included in interest expense. |
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