Exhibit 12.1
IMAX CORPORATION
STATEMENT REGARDING COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(in thousands of U.S. dollars, except ratio data) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings (loss) from continuing operations before Tax | (33,510 | ) | (28,469 | ) | (11,903 | ) | 7,007 | 6,444 | ||||||||||||
Loss (income) from equity-accounted investees | — | — | — | — | — | |||||||||||||||
(33,510 | ) | (28,469 | ) | (11,903 | ) | 7,007 | 6,444 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | 16,280 | 15,825 | 15,651 | 15,665 | 15,906 | |||||||||||||||
Amortization of capitalized expenses related to indebtedness | 1,427 | 1,268 | 1,108 | 1,210 | 1,164 | |||||||||||||||
Assumed interest portion of rental payments | 1,143 | 1,105 | 988 | 919 | 757 | |||||||||||||||
18,850 | 18,198 | 17,747 | 17,794 | 17,827 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | (0.78 | )(1) | (0.56 | )(2) | 0.33 | (3) | 1.39 | 1.36 |
(1) | The ratio of earnings to fixed charges was less than 1:1 for the year ended December 31, 2008. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $33.5 million in earnings in the year ended September 30, 2008. | |
(2) | The ratio of earnings to fixed charges was less than 1:1 for the year ended December 31, 2007. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $28.5 million in earnings in the year ended December 31, 2007. | |
(3) | The ratio of earnings to fixed charges was less than 1:1 for the year ended December 31, 2006. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $11.9 million in earnings in the year ended December 31, 2006. |