EXHIBIT 12.1
NATIONAL MEDICAL ENTERPRISES, INC. AND SUBSIDIARIES
STATEMENT RE:COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the
Three Months
For the Year Ended May 31, Ended August 31,
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1990 1991 1992 1993 1994 1993 1994
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Income from continuing operations
before income taxes.............. $200,486 $245,142 $359,199 $418,644 $359,901 $ 90,728 $107,028
Less: Equity in Earnings
of Unconsolidated Affiliates...... (2,902) (5,338) (6,673) (12,489) (23,846) (3,470) (6,329)
Add:
Cash dividends received from
unconsolidated affiliates....... - - - - 178 178 894
Portion of rents representative
of interest..................... 38,257 31,803 35,477 35,822 30,728 8,029 6,668
Interest, net of capitalized
portion......................... 130,882 123,852 89,376 75,343 70,037 18,406 17,660
Amortization of previously
capitalized interest............ 2,538 2,967 3,368 3,595 3,784 899 946
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Income, as adjusted................ 369,261 398,426 480,747 520,915 440,782 114,770 126,867
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Fixed charges:
Interest, net of capitalized
portion.......................... 130,882 123,852 89,376 75,343 70,037 18,406 17,660
Capitalized interest............... 19,492 16,890 11,021 9,028 3,749 801 1,129
Portion of rents representative
of interest...................... 38,257 31,803 35,477 35,822 30,728 8,029 6,668
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Total fixed charges................ $188,631 $172,545 $135,874 $120,193 $104,514 $27,236 $ 25,457
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Ratio of earnings to fixed
charges: 2.0x 2.3x 3.5x 4.3x 4.2x 4.2x 5.0x