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EXHIBIT 12.1
TENET HEALTHCARE CORPORATION
STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
| | | | | | | | FOR THE SIX MONTHS ENDED June 30 | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Year Ended December 31, | |||||||||||||||||||||||
| Year Ended May 31, | | |||||||||||||||||||||||||||
| Seven Months Ended Dec 31, 2002 | ||||||||||||||||||||||||||||
| 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | 2003 | 2004 | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 98 | $ | 147 | $ | 556 | $ | 680 | $ | 656 | $ | 1,143 | $ | (1,396 | ) | $ | (46 | ) | $ | (344 | ) | ||||||||
Less: Equity in earnings of unconsolidated affiliates | (3 | ) | 9 | 4 | 7 | 3 | 7 | 16 | 3 | 10 | |||||||||||||||||||
Minority interests | (3 | ) | (15 | ) | (6 | ) | (24 | ) | (10 | ) | (21 | ) | (21 | ) | (15 | ) | (5 | ) | |||||||||||
Add: | |||||||||||||||||||||||||||||
Cash dividends received from unconsolidated affiliates | 4 | 3 | 4 | 4 | 2 | 3 | 4 | 2 | 2 | ||||||||||||||||||||
Portion of rents representative of interest | 67 | 65 | 51 | 53 | 31 | 53 | 55 | 27 | 29 | ||||||||||||||||||||
Interest, net of capitalized portion | 482 | 477 | 452 | 324 | 144 | 261 | 294 | 146 | 150 | ||||||||||||||||||||
Amortization of previously capitalized interest | 5 | 6 | 6 | 7 | 4 | 7 | 7 | 3 | 4 | ||||||||||||||||||||
Earnings (loss), as adjusted | 662 | 704 | 1,071 | 1,085 | 844 | 1,481 | (1,031 | )(1) | 144 | (164 | )(1) | ||||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest, net of capitalized portion | 482 | 477 | 452 | 324 | 144 | 261 | 294 | 146 | 150 | ||||||||||||||||||||
Capitalized interest | 20 | 29 | 8 | 9 | 4 | 8 | 12 | 5 | 6 | ||||||||||||||||||||
Portion of rents representative of interest | 67 | 65 | 51 | 53 | 31 | 53 | 55 | 27 | 29 | ||||||||||||||||||||
Total fixed charges | $ | 569 | $ | 571 | $ | 511 | $ | 386 | $ | 179 | $ | 322 | $ | 361 | $ | 178 | $ | 185 | |||||||||||
Ratio of earnings to fixed charges: | 1.2 | 1.2 | 2.1 | 2.8 | 4.7 | 4.6 | (2.9 | ) | 0.8 | (0.9 | ) |
- (1)
- Earnings (loss), as adjusted, were insufficient to cover fixed charges for the year ended December 31, 2003 and the six-months ended June 30, 2004 by $1,392 and $349, respectively, to provide a one-to-one ratio.
TENET HEALTHCARE CORPORATION STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS)