Cinemark (CNK) 10-K 2013 FY Annual report

EXHIBIT 12

CINEMARK HOLDINGS, INC.

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended
	December 31,
	2009			2010			2011		2012		2013
Computation of Earnings:
Pretax income from continuing operations before equity income	$	146,508		$	210,939		$	199,981	$	283,709	$	241,182
Add:
Fixed charges		173,739			188,432			205,167		207,107		215,489
Amortization of capitalized interest		496			496			496		496		496
Distributed income (loss) of equity investees		(907	)		(3,438	)		5,651		13,109		22,682
Less:
Capitalized interest		—			—			—		—		—
TOTAL EARNINGS	$	319,836		$	396,429		$	411,295	$	504,421	$	479,849
Computation of Fixed Charges:
Interest expense	$	97,730		$	107,728		$	118,358	$	118,873	$	119,238
Capitalized interest		—			—			—		—		—
Amortization of debt issue costs		4,775			4,716			4,744		4,792		5,476
Interest factor on rent expense		71,234			75,988			82,065		83,442		90,775
TOTAL FIXED CHARGES	$	173,739		$	188,432		$	205,167	$	207,107	$	215,489
RATIO OF EARNINGS TO FIXED CHARGES(1)		1.84x			2.10x			2.00x		2.44x		2.23x

⁽¹⁾  For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income 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.