DaVita (DVA) 10-Q 2017 Q1 Quarterly report

Exhibit 12.1

DAVITA HEALTHCARE PARTNERS 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,			Year ended December 31,
	2017			2016			2015			2014			2013			2012
	(dollars in thousands)
Earnings adjusted for fixed charges:
Income from continuing operations before income taxes	$	788,050		$	1,488,895		$	723,136		$	1,309,673		$	1,124,978		$	1,001,304
Add:
Debt expense	104,429			414,382			408,380			410,294			429,943			288,554
Interest portion of rent expense	48,130			181,888			166,821			149,432			137,558			112,424
Less: Noncontrolling interests	(52,653		)	(153,640		)	(158,304		)	(140,949		)	(124,276		)	(105,891		)
	99,906			442,630			416,897			418,777			443,225			295,087
	$	887,956		$	1,931,525		$	1,140,033		$	1,728,450		$	1,568,203		$	1,296,391
Fixed charges:
Debt expense	104,429			414,382			408,380			410,294			429,943			288,554
Interest portion of rent expense	48,130			181,888			166,821			149,432			137,558			112,424
Capitalized interest	4,181			12,990			9,723			7,888			6,408			8,127
	$	156,740		$	609,260		$	584,924		$	567,614		$	573,909		$	409,105
Ratio of earnings to fixed charges	5.67			3.17			1.95			3.05			2.73			3.17