Exhibit 12.1
Live Nation, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)
| Year Ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| (in thousands, except ratio) | ||||||||||||||||||||
| Loss from continuing operations before income taxes |
$ | (132,161 | ) | $ | (96,627 | ) | $ | (188,654 | ) | $ | (114,678 | ) | $ | (357,735 | ) | |||||
| Equity in earnings (loss) of nonconsolidated affiliates |
9,921 | 7,742 | 4,928 | 1,851 | 842 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Loss before income taxes, equity in earnings of nonconsolidated affiliates and cumulative effect of a change in accounting principle |
(142,082 | ) | (104,369 | ) | (193,582 | ) | (116,529 | ) | (358,577 | ) | ||||||||||
| Dividends and other received from nonconsolidated affiliates |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total earnings |
(142,082 | ) | (104,369 | ) | (193,582 | ) | (116,529 | ) | (358,577 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
123,740 | 120,414 | 116,527 | 66,365 | 70,104 | |||||||||||||||
| Amortization of loan fees * |
— | — | — | — | — | |||||||||||||||
| Interest portion of rentals |
50,825 | 45,046 | 44,806 | 35,583 | 35,048 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total fixed charges |
174,565 | 165,460 | 161,333 | 101,948 | 105,152 | |||||||||||||||
| Preferred stock dividends |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total fixed charges |
174,565 | 165,460 | 161,333 | 101,948 | 105,152 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total earnings available for payment of fixed charges |
$ | 32,483 | $ | 61,091 | $ | (32,249 | ) | $ | (14,581 | ) | $ | (253,425 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of earnings to fixed charges |
0.19 | 0.37 | (0.20 | ) | (0.14 | ) | (2.41 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Deficiency of earnings to fixed charges |
(142,082 | ) | (104,369 | ) | (193,582 | ) | (116,529 | ) | (358,577 | ) | ||||||||||
| Interest portion of rentals |
35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
| * | Amortization of loan fees is included in interest expense. |