Exhibit 12.1
Live Nation Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
6,353

 
$
(99,820
)
 
$
(5,137
)
 
$
(132,161
)
 
$
(96,627
)
Equity in earnings (loss) of nonconsolidated affiliates
1,502

 
4,166

 
856

 
9,921

 
7,742

Income (loss) before income taxes, equity in earnings of nonconsolidated affiliates and cumulative effect of a change in accounting principle
4,851

 
(103,986
)
 
(5,993
)
 
(142,082
)
 
(104,369
)
Dividends and other received from nonconsolidated affiliates
—

 
—

 
—

 
—

 
—

Total earnings
4,851

 
(103,986
)
 
(5,993
)
 
(142,082
)
 
(104,369
)
Fixed charges:
 
 
 
 
 
 
 
 
 
  Interest expense
102,881

 
106,312

 
111,659

 
123,740

 
120,414

  Amortization of loan fees *
—

 
—

 
—

 
—

 
—

  Interest portion of rentals
55,834

 
54,495

 
56,921

 
50,825

 
45,046

Total fixed charges
158,715

 
160,807

 
168,580

 
174,565

 
165,460

Preferred stock dividends
—

 
—

 
—

 
—

 
—

Total fixed charges
158,715

 
160,807

 
168,580

 
174,565

 
165,460

Total earnings available for payment of fixed charges
$
163,566

 
$
56,821

 
$
162,587

 
$
32,483

 
$
61,091

Ratio of earnings to fixed charges
1.03

 
0.35

 
0.96

 
0.19

 
0.37

Deficiency of earnings to fixed charges
—

 
(103,986
)
 
(5,993
)
 
(142,082
)
 
(104,369
)
Interest portion of rentals
35
%
 
35
%
 
35
%
 
35
%
 
35
%
_________
*
Amortization of loan fees is included in interest expense