EXHIBIT 12.1
TENET HEALTHCARE CORPORATION AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
FOR THE
FOR THE SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30,
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1992 1993 1994 1995 1996 1995 1996
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Income from continuing operations before income taxes $359.2 $418.6 $359.9 $329.4 $746.0 $534.8 $265.2
Less: equity in earnings of unconsolidated affiliates 6.7 12.5 23.8 28.4 19.4 14.0 1.3
Add:
Cash dividends received from unconsolidated affiliates 0.2 8.3 6.3 2.2 2.0
Portion of rents representative of interest 35.5 35.8 30.7 35.0 55.5 27.5 30.2
Interest, net of capitalized portion 89.4 75.3 70.0 138.1 311.9 158.4 141.1
Amortization of previously capitalized interest 3.4 3.6 3.8 4.0 4.0 2.0 2.0
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Income, as adjusted $480.8 $520.8 $440.8 $486.4 $1,104.3 $710.9 $439.2
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Fixed charges:
Interest, net of capitalized portion $89.4 $75.3 $70.0 $138.1 $311.9 $158.4 $141.1
Capitalized interest 11.0 9.0 3.7 6.2 10.2 5.2 4.8
Portion of rents representative of interest 35.5 35.8 30.7 35.0 55.5 27.5 30.2
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Total fixed charges $135.9 $120.1 $104.4 $179.3 $377.6 $191.1 $176.1
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Ratio of earnings to fixed charges: 3.5x 4.3x 4.2x 2.7x 2.9x 3.7x 2.5x