Exhibit 12
Select Medical Holdings Corporation
Ratio of Earnings to Fixed Charges
(unaudited)
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| For the Year Ended December 31, |
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| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
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Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees |
| $ | 235,845 |
| $ | 195,325 |
| $ | 196,753 |
| $ | 191,621 |
| $ | 160,791 |
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Fixed charges: |
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Interest expense and amortization of debt discount and premium on all indebtedness |
| 94,950 |
| 87,364 |
| 85,446 |
| 112,816 |
| 170,081 |
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Capitalized interest |
| 153 |
| 242 |
| 381 |
| 2,434 |
| 2,938 |
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Rentals: |
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Buildings - 33% (A) |
| 40,973 |
| 40,815 |
| 42,460 |
| 55,428 |
| 74,436 |
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Office and other equipment - 33% (A) |
| 14,577 |
| 13,513 |
| 13,341 |
| 14,832 |
| 13,045 |
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Total fixed charges |
| $ | 150,653 |
| $ | 141,934 |
| $ | 141,628 |
| $ | 185,510 |
| $ | 260,500 |
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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 |
| $ | 386,345 |
| $ | 337,017 |
| $ | 338,000 |
| $ | 374,697 |
| $ | 418,353 |
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Ratio of earnings to fixed charges |
| 2.56 |
| 2.37 |
| 2.39 |
| 2.02 |
| 1.61 |
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(A) The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.