Exhibit 12.1
Live Nation Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
(in thousands, except ratio)
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
48,326

 
$
6,353

 
$
(99,820
)
 
$
(5,137
)
 
$
(132,161
)
Equity in earnings (losses) of nonconsolidated affiliates
(17,802
)
 
1,502

 
4,166

 
856

 
9,921

Income (loss) before income taxes, equity in earnings of nonconsolidated affiliates and cumulative effect of a change in accounting principle
66,128

 
4,851

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

 
—

 
—

 
—

 
—

Total earnings
66,128

 
4,851

 
(103,986
)
 
(5,993
)
 
(142,082
)
Fixed charges:
 
 
 
 
 
 
 
 
 
  Interest expense
106,506

 
102,881

 
106,312

 
111,659

 
123,740

  Amortization of loan fees *
—

 
—

 
—

 
—

 
—

  Interest portion of rentals
68,608

 
55,834

 
54,495

 
56,921

 
50,825

Total fixed charges
175,114

 
158,715

 
160,807

 
168,580

 
174,565

Preferred stock dividends
—

 
—

 
—

 
—

 
—

Total fixed charges
175,114

 
158,715

 
160,807

 
168,580

 
174,565

Total earnings available for payment of fixed charges
$
241,242

 
$
163,566

 
$
56,821

 
$
162,587

 
$
32,483

Ratio of earnings to fixed charges
1.38

 
1.03

 
0.35

 
0.96

 
0.19

Deficiency of earnings to fixed charges
—

 
—

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