Cinemark (CNK) 10-K 2011 FY Annual report

EXHIBIT 12

CINEMARK HOLDINGS, INC.

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2007			2008			2009			2010			2011
Computation of Earnings:
Pretax income (loss) from continuing operations before equity income (loss)	$	203,344		$	(24,897	)	$	146,508		$	210,939		$	199,981
Add:
Fixed charges		208,723			182,185			173,739			188,432			205,167
Amortization of capitalized interest		474			489			496			496			496
Distributed income (loss) of equity investees		(2,462	)		(2,373	)		(907	)		(3,438	)		5,651
Less:
Capitalized interest		(618	)		(270	)		—			—			—
TOTAL EARNINGS	$	409,461		$	155,134		$	319,836		$	396,429		$	411,295
Computation of Fixed Charges:
Interest expense	$	140,869		$	111,362		$	97,730		$	107,728		$	118,358
Capitalized interest		618			270			—			—			—
Amortization of debt issue costs		4,727			4,696			4,775			4,716			4,744
Interest factor on rent expense		62,509			65,857			71,234			75,988			82,065
TOTAL FIXED CHARGES	$	208,723		$	182,185		$	173,739		$	188,432		$	205,167
RATIO OF EARNINGS TO FIXED CHARGES(1)		1.96x			—			1.84x			2.10x			2.00x

⁽¹⁾  For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) from continuing operations before taxes plus fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest, amortization of debt issue cost and that portion of rental expense which we believe to be representative of the interest factor. For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $27.1 million.