Exhibit 12.1
Live Nation, Inc.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
| Year Ended | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| Loss before income taxes, equity in earnings of nonconsolidated affiliates, and cumulative effect of a change in accounting principle |
$ | (338,389 | ) | $ | (37,447 | ) | $ | (38,001 | ) | $ | (67,005 | ) | $ | (16,978 | ) | |||||
| Dividends and other received from nonconsolidated affiliates |
— | — | — | — | — | |||||||||||||||
| Total earnings |
(338,389 | ) | (37,447 | ) | (38,001 | ) | (67,005 | ) | (16,978 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
63,023 | 61,753 | 37,194 | 52,398 | 45,445 | |||||||||||||||
| Amortization of loan fees |
* | * | * | * | — | |||||||||||||||
| Interest portion of rentals |
35,181 | 32,311 | 23,158 | 19,434 | 18,562 | |||||||||||||||
| Total fixed charges |
98,204 | 94,064 | 60,352 | 71,832 | 64,007 | |||||||||||||||
| Preferred stock dividends |
— | — | — | — | — | |||||||||||||||
| Total fixed charges and preferred stock dividends |
98,204 | 94,064 | 60,352 | 71,832 | 64,007 | |||||||||||||||
| Total earnings available for payment of fixed charges |
$ | (240,185 | ) | $ | 56,617 | $ | 22,351 | $ | 4,827 | $ | 47,029 | |||||||||
| Ratio of earnings to fixed charges |
(2.45 | ) | 0.60 | 0.37 | 0.07 | 0.73 | ||||||||||||||
| Rental fees and charges |
100,518 | 92,316 | 66,165 | 55,526 | 53,034 | |||||||||||||||
| Interest rate |
35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
| * | Amortization of loan fees is included in interest expense. |