Live Nation Entertainment (LYV) 10-K2008 FY Annual report

Filed: 5 Mar 09, 12:00am

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Exhibit 12.1

Live Nation, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratio)


	Year Ended
	2008			2007			2006			2005			2004
Loss before income taxes, equity in earnings of nonconsolidated affiliates, and cumulative effect of a change in accounting principle	$	(338,389	)	$	(37,447	)	$	(38,001	)	$	(67,005	)	$	(16,978	)
Dividends and other received from nonconsolidated affiliates		—			—			—			—			—

Total earnings		(338,389	)		(37,447	)		(38,001	)		(67,005	)		(16,978	)
Fixed charges:
Interest expense		63,023			61,753			37,194			52,398			45,445
Amortization of loan fees		*			*			*			*			—
Interest portion of rentals		35,181			32,311			23,158			19,434			18,562

Total fixed charges		98,204			94,064			60,352			71,832			64,007
Preferred stock dividends		—			—			—			—			—

Total fixed charges and preferred stock dividends		98,204			94,064			60,352			71,832			64,007
Total earnings available for payment of fixed charges	$	(240,185	)	$	56,617		$	22,351		$	4,827		$	47,029

Ratio of earnings to fixed charges		(2.45	)		0.60			0.37			0.07			0.73

Rental fees and charges		100,518			92,316			66,165			55,526			53,034
Interest rate		35	%		35	%		35	%		35	%		35	%

*	Amortization of loan fees is included in interest expense.