Exhibit 12.1
Education Management LLC
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
Predecessor | Successor | ||||||||||||||||||||||||||||||||
July 1, 2006 | June 1, 2006 | Three Months | |||||||||||||||||||||||||||||||
Year Ended | Year Ended | through | through | Year Ended | Year Ended | Ended | |||||||||||||||||||||||||||
June 30, | June 30, | May 31, | June 30, | June 30, | June 30, | September 30, | |||||||||||||||||||||||||||
2004 | 2005 | 2006 | 2006 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||||||||
Computation of fixed charges | |||||||||||||||||||||||||||||||||
Interest expense | 2.2 | 1.3 | 0.8 | 13.8 | 175.2 | 164.1 | 42.3 | 39.2 | |||||||||||||||||||||||||
Amortization of debt issuance costs | 0.5 | 0.4 | 1.3 | 0.6 | 7.7 | 7.7 | 1.9 | 1.9 | |||||||||||||||||||||||||
Portion of rental expense representative of interest | 16.9 | 19 | 18.5 | 1.9 | 22.3 | 27.1 | 5.6 | 6.3 | |||||||||||||||||||||||||
Total fixed charges | $ | 19.5 | $ | 20.7 | $ | 20.6 | $ | 16.3 | $ | 205.2 | $ | 198.9 | $ | 49.8 | $ | 47.4 | |||||||||||||||||
Computation of earnings (loss) | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 130.5 | $ | 168.8 | $ | 174.0 | $ | (32.1 | ) | $ | 59.3 | $ | 105.8 | $ | (3.4 | ) | $ | (5.8 | ) | ||||||||||||||
Fixed charges per above | 19.5 | 20.7 | 20.6 | 16.3 | 205.2 | 198.9 | 49.8 | 47.4 | |||||||||||||||||||||||||
Total earnings (loss) | $ | 150.1 | $ | 189.5 | $ | 194.6 | $ | (15.8 | ) | $ | 264.5 | $ | 304.7 | $ | 46.4 | $ | 41.6 | ||||||||||||||||
Ratio of earnings (loss) to fixed charges | 7.7 | 9.2 | 9.4 | (1.0 | ) | 1.3 | 1.5 | 0.9 | 0.9 | ||||||||||||||||||||||||
* | Earnings for the period June 1 through June 30, 2006 were inadequate to cover fixed charges by $32.1. |