EXHIBIT 12
Town Sports International Holdings, Inc.
Ratio Of Earnings to Fixed Charges
| 2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||||||||||
| Earnings available for fixed charges: | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 14,429 | $ | 21,672 | $ | 12,966 | $ | (2,815 | ) | 2,789 | ||||||||||||
| Less: income from investments accounted for by the equity method | (695 | ) | (796 | ) | (755 | ) | (706 | ) | (685 | ) | ||||||||||||
| Add: Cash distributions from investments accounted for by the equity method | 809 | 720 | 840 | 773 | 882 | |||||||||||||||||
| Add: Fixed charges, net of capitalized interest | 28,176 | 31,756 | 40,588 | 57,296 | 61,360 | |||||||||||||||||
| Total | $ | 42,719 | $ | 53,352 | $ | 53,639 | $ | 54,548 | $ | 64,346 | ||||||||||||
| Fixed Charges | ||||||||||||||||||||||
| Interest (includes amortization of issuance costs) | 14,918 | 16,559 | 23,670 | 39,343 | 41,550 | |||||||||||||||||
| Interest portion of rent expense | 13,258 | 15,197 | 16,918 | 17,953 | 19,810 | |||||||||||||||||
| Capitalized interest | 907 | 354 | 322 | 429 | 899 | |||||||||||||||||
| Total | $ | 29,083 | $ | 32,110 | $ | 40,910 | $ | 57,725 | $ | 62,259 | ||||||||||||
| Coverage (deficit): | ||||||||||||||||||||||
| Earnings to fixed charges | 1.5 | 1.7 | 1.3 | (3,177 | ) | 1.0 | ||||||||||||||||