Live Nation Entertainment (LYV) 10-K2010 FY Annual report

Filed: 28 Feb 11, 12:00am

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New words: abroad, absorb, accused, acknowledged, acknowledgement, acquiree, adapt, adapting, adjudicated, Adjudication, afforded, agent, aHouse, aircraft, album, Anheuser, AOI, arbitration, arbitrator, arm, ATC, attached, auction, Aviation, ban, banner, Bension, Bill, Birmingham, Bob, bore, borne, Bravado, breadth, Bull, bundling, Busch, CAA, Campana, camping, cap, capture, category, ceased, censure, Chamber, characterize, characterized, charity, charter, civil, classic, clearance, cliff, college, Comcast, communication, comparison, conspicuously, converging, cooperated, copyrighted, correct, correctly, counterclaim, criminal, cultural, cycle, Decertify, denominated, depth, disagree, disbursed, discover, discovered, distance, domain, ecommerce, effort, Endeavor, erosion, evolving, expend, extinguishment, faith, fall, FCPA, fit, FLMG, floor, founder, Gaga, Garden, Gellman, Gibson, gregory, Grp, hard, heavily, holiday, hypothetical, IAC, ICC, illegal, illustrative, indemnification, indemnity, infringe, infringement, infringing, inquiry, interactive, introducing, IRS, Lady, language, Latham, leadership, length, lien, lifted, Likewise, LNE, lump, Luxembourg, Madison, maffei, Mandate, mandatory, Marcy, merit, metal, mezzanine, Midwest, misspelled, misuse, mobile, monetary, museum, Musik, noncompete, nonrecoupable, nonrecurring, northern, obsolete, offline, onsite, optimistic, Outbox, pair, Paper, parent, patent, Paul, payout, penetration, Photo, photography, political, pop, postcombination, precombination, preliminarily, printing, proceeding, ProLink, prolonged, promise, promulgation, proper, properly, protracted, qualification, quickly, rata, reconciled, Relatedly, repayment, resell, reseller, resold, Ridgway, Roger, rollforward, Ron, roster, Roux, RSU, Russell, satisfactorily, seller, shipper, shipping, similarly, Simon, simply, SME, social, Southwest, Spinco, sporting, SportNet, storefront, sum, supplemental, swingline, synergy, text, theft, thirteen, TicketExchange, Ticketnet, trailing, tying, unconditional, undesignated, undrawn, unitary, upsell, USA, usage, vacate, valid, validity, validly, valuable, variation, Veritix, Vodafone, waiver, Wallach, widely, widespread, William, workforce, Writ

Removed: accretion, aggregated, aggregating, andReading, Anthill, APB, Apollo, appoint, ARB, arena, asRock, back, Bamboozle, Band, bear, BIC, Borderline, broader, Caf, Casino, centralized, certifying, Cirque, classification, closed, collectibility, compound, condemnation, conference, contamination, Dave, deeper, deficit, delayed, Delirium, desire, Discrimination, dispersed, dissolution, Donington, Du, economically, EURIBOR, evaluated, exit, expired, extend, extreme, floating, formally, formed, Forum, fourteen, FSP, Gamerco, Garage, Garner, gradually, Halen, Hammersmith, holding, implementing, insured, interim, Jackie, Jam, Jason, Jazz, Journey, Justice, justifiable, Las, Leicestershire, lesser, Lombard, negotiating, Neil, nondeductible, Norway, notice, opened, Oriental, Palace, pari, Park, partnering, passu, Permission, pledge, Police, produced, program, qualifying, rank, rebate, recasting, reclassifying, reinvest, relocate, remediation, repatriation, repurchased, Resort, retained, retrospectively, Soleil, souvenir, specialty, Spectacular, Sterling, strictly, striving, subordinated, taxation, terminate, theHeerwagenaction, toPollstar, Toronto, traffic, trunk, underperforming, Van, Vancouver, vendor, Venetian, visual, Voluntary, wholly, withdrawal

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Exhibit 12.1

Live Nation Entertainment, Inc.

Computation of Ratio of Earnings to Fixed Charges


	Year Ended December 31,
	2010			2009			2008			2007			2006
(in thousands, except ratio)
Income (loss) before income taxes	$	(188,654	)	$	(114,678	)	$	(357,735	)	$	(53,581	)	$	(31,286	)
Equity in earnings (loss) of nonconsolidated affiliates		4,928			1,851			842			(7,737	)		(1,330	)

Income (loss) before income taxes, equity in earnings of nonconsolidated affiliates, and cumulative effect of a change in accounting principle		(193,582	)		(116,529	)		(358,577	)		(45,844	)		(29,956	)
Dividends and other received from nonconsolidated affiliates		—			—			—			—			—

Total earnings		(193,582	)		(116,529	)		(358,577	)		(45,844	)		(29,956	)
Fixed charges:
Interest expense		116,527			66,365			70,104			64,297			36,790
Amortization of loan fees *		—			—			—			—			—
Interest portion of rentals		44,806			35,583			35,048			31,393			22,926

Total fixed charges		161,333			101,948			105,152			95,690			59,716
Preferred stock dividends		—			—			—			—			—

Total fixed charges		161,333			101,948			105,152			95,690			59,716

Total earnings available for payment of fixed charges	$	(32,249	)	$	(14,581	)	$	(253,425	)	$	49,846		$	29,760

Ratio of earnings to fixed charges		(0.20	)		(0.14	)		(2.41	)		0.52			0.50


Deficiency of earnings to fixed charges		(193,582	)		(116,529	)		(358,577	)		(45,844	)		(29,956	)

Interest portion of rentals		35	%		35	%		35	%		35	%		35	%

*	Amortization of loan fees is included in interest expense.