DaVita (DVA) 10-Q2009 Q1 Quarterly report

Filed: 7 May 09, 12:00am

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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 are defined as pretax income from continuing operations adjusted by adding back fixed charges expensed during the period less noncontrolling interests. Fixed charges include debt expense (interest expense and the amortization of deferred financing costs), the estimated interest component of rent expense on operating leases, and capitalized interest.


	Three months ended March 31, 2009			Year ended December 31,
	Three months ended March 31, 2009			2008			2007			2006			2005			2004
	(dollars in thousands)
Earnings adjusted for fixed charges:
Income from continuing operations before income taxes⁽¹⁾	$	173,057		$	656,791		$	674,224		$	513,900		$	354,592		$	346,531
Add:
Debt expense		48,301			224,716			257,147			276,706			139,586			52,411
Interest portion of rent expense		19,694			72,562			64,613			60,395			35,189			24,305
Less: Noncontrolling interests⁽¹⁾		(12,063	)		(47,331	)		(46,702	)		(38,141	)		(23,495	)		(13,691	)

		55,932			249,947			275,058			298,960			151,280			63,025

	$	228,989		$	906,738		$	949,282		$	812,860		$	505,872		$	409,556

Fixed charges:
Debt expense	$	48,301		$	224,716		$	257,147		$	276,706		$	139,586		$	52,411
Interest portion of rent expense		19,694			72,562			64,613			60,395			35,189			24,305
Capitalized interest		647			4,189			3,878			4,708			1,912			1,078

	$	68,642		$	301,467		$	325,638		$	341,809		$	176,687		$	77,794

Ratio of earnings to fixed charges		3.34			3.01			2.92			2.38			2.86			5.26

⁽¹⁾	The adoption of SFAS No. 160,Noncontrolling Interests in Consolidated Financial Statements, has changed the presentation of earnings attributable to noncontrolling interests for all periods presented.

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