Select Medical (SEM) 10-K 2014 FY Annual report

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Exhibit 12

Select Medical Holdings Corporation
Ratio of Earnings to Fixed Charges
(unaudited)

	For the Year Ended December 31,
	2010		2011		2012		2013		2014
	(in thousands)
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees	$	124,432	$	180,807	$	235,845	$	195,325	$	196,753
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		112,337		99,216		94,950		87,364		85,446
Capitalized interest		767		304		153		242		381
Rentals:
Buildings — 33%(A)		39,033		39,070		40,973		40,815		42,460
Office and other equipment — 33%(A)		12,038		15,010		14,577		13,513		13,341
Total fixed charges	$	164,175	$	153,600	$	150,653	$	141,934	$	141,628
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries less capitalized interest	$	287,840	$	334,103	$	386,345	$	337,017	$	338,000
Ratio of earnings to fixed charges		1.75		2.18		2.56		2.37		2.39

(A)

The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.

Select Medical Corporation
Ratio of Earnings to Fixed Charges
(unaudited)

	For the Year Ended December 31,
	2010		2011		2012		2013		2014
	(dollars in thousands)
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees	$	152,297	$	209,424	$	247,036	$	198,694	$	196,753
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		84,472		81,232		83,759		84,954		85,446
Capitalized interest		767		304		153		242		381
Rentals:
Buildings — 33%(A)		39,033		39,070		40,973		40,815		42,460
Office and other equipment — 33%(A)		12,038		15,010		14,577		13,513		13,341
Total fixed charges	$	136,310	$	135,616	$	139,462	$	139,524	$	141,628
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries less capitalized interest	$	287,840	$	344,736	$	386,345	$	337,976	$	338,000
Ratio of earnings to fixed charges		2.11		2.54		2.77		2.42		2.39

(A)

The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.

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Exhibit 12

Select Medical Holdings Corporation Ratio of Earnings to Fixed Charges (unaudited)
Select Medical Corporation Ratio of Earnings to Fixed Charges (unaudited)