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CAREER EDUCATION CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
| Quarter ended March 31, | Year ended December 31, | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Earnings | |||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 31,146 | $ | 19,543 | $ | 112,012 | $ | 68,063 | $ | 39,506 | $ | 19,198 | $ | 7,851 | |||||||||||
Fixed charges | 403 | 471 | 2,578 | 2,164 | 1,565 | 1,666 | 1,730 | ||||||||||||||||||
Amortization of capitalized interest | 14 | 9 | 35 | 11 | — | — | — | ||||||||||||||||||
Distributed income of equity investees | 890 | 647 | 2,136 | 1,697 | — | — | — | ||||||||||||||||||
Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | — | ||||||||||||||||||
Deduct: | |||||||||||||||||||||||||
Interest capitalized | — | — | (149 | ) | (471 | ) | — | — | — | ||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | (157 | ) | |||||||||||||||||
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | (1,166 | ) | (737 | ) | (2,348 | ) | (1,674 | ) | — | — | — | ||||||||||||||
Total earnings | $ | 31,287 | $ | 19,933 | $ | 114,264 | $ | 69,790 | $ | 41,071 | $ | 20,864 | $ | 9,424 | |||||||||||
Fixed Charges | |||||||||||||||||||||||||
Interest expensed | $ | 342 | $ | 325 | $ | 2,094 | $ | 1,493 | $ | 1,358 | $ | 1,482 | $ | 1,416 | |||||||||||
Interest capitalized | — | 98 | 149 | 471 | — | — | — | ||||||||||||||||||
Interest expensed and capitalized | 342 | 423 | 2,243 | 1,964 | 1,358 | 1,482 | 1,416 | ||||||||||||||||||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 61 | 48 | 335 | 200 | 207 | 184 | 157 | ||||||||||||||||||
Estimated interest within rental expense | — | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges | $ | 403 | $ | 471 | $ | 2,578 | $ | 2,164 | $ | 1,565 | $ | 1,666 | $ | 1,573 | |||||||||||
Ratio of Earnings to Fixed Charges | 77.6 | 42.3 | 44.3 | 32.3 | 26.2 | 12.5 | 6.0 | ||||||||||||||||||
CAREER EDUCATION CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Quarter ended March 31, | Year ended December 31, | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Earnings | |||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 31,146 | $ | 19,543 | $ | 112,012 | $ | 68,063 | $ | 39,506 | $ | 19,198 | $ | 7,851 | |||||||||||
Fixed charges | 403 | 471 | 2,578 | 2,164 | 1,565 | 1,666 | 1,730 | ||||||||||||||||||
Amortization of capitalized interest | 14 | 9 | 35 | 11 | — | — | — | ||||||||||||||||||
Distributed income of equity investees | 890 | 647 | 2,136 | 1,697 | — | — | — | ||||||||||||||||||
Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | — | ||||||||||||||||||
Deduct: | |||||||||||||||||||||||||
Interest capitalized | — | — | (149 | ) | (471 | ) | — | — | — | ||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | (157 | ) | |||||||||||||||||
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | (1,666 | ) | (737 | ) | (2,348 | ) | (1,674 | ) | — | — | — | ||||||||||||||
Total earnings | $ | 31,287 | $ | 19,933 | $ | 114,264 | $ | 69,790 | $ | 41,071 | $ | 20,864 | $ | 9,424 | |||||||||||
Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||||||||
Interest expensed | $ | 342 | $ | 325 | $ | 2,094 | $ | 1,493 | $ | 1,358 | $ | 1,482 | $ | 1,416 | |||||||||||
Interest capitalized | — | 98 | 149 | 471 | — | — | — | ||||||||||||||||||
Interest expensed and capitalized | 342 | 423 | 2,243 | 1,964 | 1,358 | 1,482 | 1,416 | ||||||||||||||||||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 61 | 48 | 335 | 200 | 207 | 184 | 157 | ||||||||||||||||||
Estimated interest within rental expense | — | — | — | — | — | — | — | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | 157 | ||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 403 | $ | 471 | $ | 2,578 | $ | 2,164 | $ | 1,565 | $ | 1,666 | $ | 1,730 | |||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 77.6 | 42.3 | 44.3 | 32.3 | 26.2 | 12.5 | 5.4 | ||||||||||||||||||
CAREER EDUCATION CORPORATION RATIO OF EARNINGS TO FIXED CHARGES
CAREER EDUCATION CORPORATION RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS