Cinemark Usa 10-K2017 FY Annual report

Filed: 2 Mar 18, 12:00am

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EXHIBIT 12

CINEMARK USA, INC.

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended
	December 31,
	2013		2014		2015		2016			2017
Computation of Earnings:
Pretax income from continuing operations before equity income	$	243,399	$	270,176	$	322,225	$	331,402	$	311,753
Add:
Fixed charges		215,488		207,100		207,914		204,523		203,789
Amortization of capitalized interest		496		496		496		496		496
Distributed income of equity investees		22,682		22,743		28,126		31,962		35,985
Less:
Capitalized interest		—		—		—		—		—
TOTAL EARNINGS	$	482,065	$	500,515	$	558,761	$	568,383	$	552,023
Computation of Fixed Charges:
Interest expense	$	119,237	$	108,453	$	107,590	$	102,821		99,721
Capitalized interest		—		—		—		—		—
Amortization of debt issue costs		5,476		5,245		5,151		5,492		97,871
Interest factor on rent expense		90,775		93,402		95,173		96,210		203,789
TOTAL FIXED CHARGES	$	215,488	$	207,100	$	207,914	$	204,523	$	203,789
RATIO OF EARNINGS TO FIXED CHARGES ⁽¹⁾	2.24x		2.42x		2.69x		2.78x			2.71x

⁽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 costs and that portion of rental expense which we believe to be representative of the interest factor.