Exhibit 12.1
Live Nation Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
Loss from continuing operations before income taxes
$
(5,137
)
 
$
(132,161
)
 
$
(96,627
)
 
$
(188,654
)
 
$
(114,678
)
Equity in earnings (loss) of nonconsolidated affiliates
856

 
9,921

 
7,742

 
4,928

 
1,851

Loss before income taxes, equity in earnings of nonconsolidated affiliates and cumulative effect of a change in accounting principle
(5,993
)
 
(142,082
)
 
(104,369
)
 
(193,582
)
 
(116,529
)
Dividends and other received from nonconsolidated affiliates
—

 
—

 
—

 
—

 
—

Total earnings
(5,993
)
 
(142,082
)
 
(104,369
)
 
(193,582
)
 
(116,529
)
Fixed charges:
 
 
 
 
 
 
 
 
 
  Interest expense
111,659

 
123,740

 
120,414

 
116,527

 
66,365

  Amortization of loan fees *
—

 
—

 
—

 
—

 
—

  Interest portion of rentals
56,921

 
50,825

 
45,046

 
44,806

 
35,583

Total fixed charges
168,580

 
174,565

 
165,460

 
161,333

 
101,948

Preferred stock dividends
—

 
—

 
—

 
—

 
—

Total fixed charges
168,580

 
174,565

 
165,460

 
161,333

 
101,948

Total earnings available for payment of fixed charges
$
162,587

 
$
32,483

 
$
61,091

 
$
(32,249
)
 
$
(14,581
)
Ratio of earnings to fixed charges
0.96

 
0.19

 
0.37

 
(0.2
)
 
(0.14
)
Deficiency of earnings to fixed charges
(5,993
)
 
(142,082
)
 
(104,369
)
 
(193,582
)
 
(116,529
)
Interest portion of rentals
35
%
 
35
%
 
35
%
 
35
%
 
35
%
_________
*
Amortization of loan fees is included in interest expense