Exhibit 12.1
Live Nation Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| (in thousands, except ratio) |
||||||||||||||||||||
| Loss before income taxes, equity in (earnings) losses of nonconsolidated affiliated, and cumulative effect of a change in accounting principle |
$ | (116,529 | ) | $ | (358,577 | ) | $ | (45,844 | ) | $ | (29,956 | ) | $ | (60,717 | ) | |||||
| Dividends and other received from nonconsolidated affiliates |
— | — | — | — | — | |||||||||||||||
| Total earnings |
(116,529 | ) | (358,577 | ) | (45,844 | ) | (29,956 | ) | (60,717 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
66,365 | 70,104 | 64,297 | 36,790 | 51,881 | |||||||||||||||
| Amortization of loan fees |
* | * | * | * | * | |||||||||||||||
| Interest portion of rentals |
35,583 | 35,048 | 31,393 | 22,926 | 19,254 | |||||||||||||||
| Total fixed charges |
101,948 | 105,152 | 95,690 | 59,716 | 71,135 | |||||||||||||||
| Preferred stock dividends |
— | — | — | — | — | |||||||||||||||
| Total fixed charges and preferred stock dividends |
101,948 | 105,152 | 95,690 | 59,716 | 71,135 | |||||||||||||||
| Total earnings available for payment of fixed charges |
$ | (14,581 | ) | $ | (253,425 | ) | $ | 49,846 | $ | 29,760 | $ | 10,418 | ||||||||
| Ratio of earnings to fixed charges |
(0.14 | ) | (2.41 | ) | 0.52 | 0.50 | 0.15 | |||||||||||||
| Rental fees and charges |
101,666 | 100,136 | 89,694 | 65,503 | 55,012 | |||||||||||||||
| Interest rate |
35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
| * | Amortization of loan fees is included in interest expense. |