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 | $ | (344,610 | ) | $ | (34,540 | ) | $ | (26,552 | ) | $ | (62,037 | ) | $ | (14,210 | ) | |||||
Dividends and other received from nonconsolidated affiliates | — | — | — | — | — | |||||||||||||||
Total earnings | (344,610 | ) | (34,540 | ) | (26,552 | ) | (62,037 | ) | (14,210 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 70,670 | 65,006 | 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 | 105,851 | 97,317 | 60,352 | 71,832 | 64,007 | |||||||||||||||
Preferred stock dividends | — | — | — | — | — | |||||||||||||||
Total fixed charges and preferred stock dividends | 105,851 | 97,317 | 60,352 | 71,832 | 64,007 | |||||||||||||||
Total earnings available for payment of fixed charges | $ | (238,759 | ) | $ | 62,777 | $ | 33,800 | $ | 9,795 | $ | 49,797 | |||||||||
Ratio of earnings to fixed charges | (2.26 | ) | 0.65 | 0.56 | 0.14 | 0.78 | ||||||||||||||
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.