DaVita (DVA) 10-K 2004 FY Annual report

Exhibit 12.1

DAVITA INC.

RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings for this purpose is defined as pretax income from operations adjusted by adding back fixed charges expensed during the period and debt refinancing charges. Fixed charges include debt expense (interest expense and the amortization of deferred financing costs), the estimated interest component of rental expense on operating leases, and capitalized interest.

	Year ended December 31,
	2004		2003		2002		2001			2000
	(dollars in thousands)
Earnings adjusted for fixed charges:
Income before income taxes, and cumulative effect of a change in accounting principle	$	361,884	$	288,266	$	267,257	$	242,567		$	39,223
Add:
Debt expense		52,412		66,828		71,636		72,438			116,637
Interest portion of rental expense		25,772		22,927		20,336		18,116			17,140
Debt refinancing charges				26,501		48,930		(1,629	)		5,712
		78,184		116,256		140,902		88,925			139,489
	$	440,068	$	404,522	$	408,159	$	331,492		$	178,712
Fixed charges:
Debt expense		52,412		66,828		71,636		72,438			116,637
Interest portion of rental expense		25,772		22,927		20,336		18,116			17,140
Capitalized interest		1,078		1,523		1,888		751			1,125
	$	79,262	$	91,278	$	93,860	$	91,305		$	134,902
Ratio of earnings to fixed charges		5.55		4.43		4.35		3.63			1.32