Exhibit 12.0
MedCath Corporation
Statement of Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Fiscal Year Ended September 30, | |||||||||||||||||||||||
| 2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
| Income (loss) before minority interest and income taxes | $ | (10,354 | ) | $ | 15,528 | $ | 37,722 | $ | (54,477 | ) | $ | (634 | ) | ||||||||||
| Equity method investment earnings (losses) | (2,011 | ) | (2,119 | ) | 3,007 | 3,541 | 3,540 | ||||||||||||||||
| (8,343 | ) | 17,647 | 34,715 | (58,018 | ) | (4,174 | ) | ||||||||||||||||
| Add: | |||||||||||||||||||||||
| Fixed charges | 30,903 | 26,659 | 25,141 | 27,566 | 29,944 | ||||||||||||||||||
| Amortization of capitalized interest | 188 | 194 | 250 | 279 | 366 | ||||||||||||||||||
| Distributed income of equity investees | 152 | 84 | 143 | 236 | 3,416 | ||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Capitalized interest | — | — | 1,241 | 1,392 | 641 | ||||||||||||||||||
| Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | 1,986 | 4,869 | 8,356 | 3,815 | 456 | ||||||||||||||||||
| Earnings as adjusted | $ | 20,914 | $ | 39,715 | $ | 50,652 | $ | (35,144 | ) | $ | 28,455 | ||||||||||||
Fixed Charges: | |||||||||||||||||||||||
| Third party interest expense | $ | 29,047 | $ | 24,876 | $ | 22,282 | $ | 24,399 | $ | 27,058 | |||||||||||||
| Capitalized interest | — | — | 1,241 | 1,392 | 641 | ||||||||||||||||||
| Amortization of loan acquisition costs | 1,568 | 1,519 | 1,314 | 1,458 | 1,895 | ||||||||||||||||||
| Estimate of the interest within rental expense | 288 | 264 | 304 | 317 | 350 | ||||||||||||||||||
| Total fixed charges | $ | 30,903 | $ | 26,659 | $ | 25,141 | $ | 27,566 | $ | 29,944 | |||||||||||||
| Ratio of earnings to fixed charges / (excess of fixed charges over earnings) | (9,989 | ) | 1.49x | 2.01x | (62,710 | ) | (1,489 | ) | |||||||||||||||