EXHIBIT 12.1
IMAX Corporation
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges:
| Nine months | ||||||||||||||||||||||||
| ended | ||||||||||||||||||||||||
| September 30, | Years ended December 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
| (in thousands of dollars, except ratio data) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
| (Loss) income from continuing operations before income taxes and minority interest | $ | (23,804 | ) | $ | (28,470 | ) | $ | (11,904 | ) | $ | 7,008 | $ | 6,444 | $ | 174 | |||||||||
| Loss from equity-accounted investees | — | — | — | — | — | (2,496 | ) | |||||||||||||||||
| (23,804 | ) | (28,470 | ) | (11,904 | ) | 7,008 | 6,444 | (2,322 | ) | |||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
| Interest Expense | 12,240 | 15,825 | 15,651 | 15,665 | 15,906 | 15,096 | ||||||||||||||||||
| Amortization of capitalized expenses related to indebtedness | 1,067 | 1,267 | 1,108 | 1,210 | 1,164 | 704 | ||||||||||||||||||
Estimate of interest within rental expense1 | 880 | 1,110 | 988 | 918 | 757 | 685 | ||||||||||||||||||
| 14,187 | 18,202 | 17,747 | 17,793 | 17,827 | 16,485 | |||||||||||||||||||
Earnings before fixed charges | $ | (9,617 | ) | $ | (10,268 | ) | $ | 5,843 | $ | 24,801 | $ | 24,271 | $ | 14,163 | ||||||||||
Ratio of earnings to fixed charges | (0.68 | ) | (0.56 | ) | 0.33 | 1.39 | 1.36 | 0.86 | ||||||||||||||||
Additional earnings required to achieve earnings to fixed charges ratio of 1:1 | $ | 23,804 | $ | 28,470 | $ | 11,904 | $ | — | $ | — | $ | 2,322 | ||||||||||||
| 1 | Management considers approximately 22% of Company’s rental expense to reasonably approximate imputed interest. |