QuickLinks -- Click here to rapidly navigate through this document
EXHIBIT 12.1
TENET HEALTHCARE CORPORATION
STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
| | | | | | Year Ended December 31, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $ | 90 | $ | 154 | $ | 550 | $ | 661 | $ | 721 | $ | 1,196 | $ | (1,287 | ) | $ | (310 | ) | $ | (301 | ) | ||||||||
Less: equity in earnings of unconsolidated affiliates | (3 | ) | 9 | 4 | 7 | 3 | 7 | 16 | 8 | 14 | |||||||||||||||||||
Minority interests | (3 | ) | (14 | ) | (6 | ) | (24 | ) | (10 | ) | (21 | ) | (21 | ) | (21 | ) | (6 | ) | |||||||||||
Add: | |||||||||||||||||||||||||||||
Cash dividends received from unconsolidated affiliates | 4 | 3 | 4 | 4 | 2 | 3 | 4 | 3 | 3 | ||||||||||||||||||||
Portion of rents representative of interest | 66 | 64 | 50 | 52 | 30 | 52 | 54 | 40 | 43 | ||||||||||||||||||||
Interest, net of capitalized portion | 481 | 477 | 452 | 324 | 144 | 261 | 294 | 219 | 242 | ||||||||||||||||||||
Amortization of previously capitalized interest | 5 | 6 | 6 | 7 | 4 | 7 | 7 | 5 | 6 | ||||||||||||||||||||
Earnings (loss), as adjusted | 652 | 709 | 1,064 | 1,065 | 908 | 1,533 | (923 | )(1) | (30 | )(1) | (15 | )(1) | |||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest, net of capitalized portion | 481 | 477 | 452 | 324 | 144 | 261 | 294 | 219 | 242 | ||||||||||||||||||||
Capitalized interest | 20 | 29 | 8 | 9 | 4 | 8 | 12 | 9 | 8 | ||||||||||||||||||||
Portion of rents representative of interest | 66 | 64 | 50 | 52 | 30 | 52 | 54 | 40 | 43 | ||||||||||||||||||||
Total fixed charges | $ | 567 | $ | 570 | $ | 510 | $ | 385 | $ | 178 | $ | 321 | $ | 360 | $ | 268 | $ | 293 | |||||||||||
Ratio of earnings to fixed charges: | 1.1 | 1.2 | 2.1 | 2.8 | 5.1 | 4.8 | — | — | — |
- (1)
- Earnings (loss), as adjusted, were insufficient to cover fixed charges for the year ended December 31, 2003 and the nine-months ended September 30, 2004 and 2003 by $1,283 million, $298 million and $308 million, respectively, to provide a one-to-one ratio.
TENET HEALTHCARE CORPORATION STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS)