EXHIBIT 12.1 LIONS GATE ENTERTAINMENT CORP. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FIVE YEARS ENDED MARCH 31, 2004 AND SIX MONTHS ENDED SEPTEMBER 30, 2004 AND 2003 (AMOUNTS IN THOUSANDS, EXCEPT RATIOS AND WHERE NOTED) <Table> <Caption> Six Months Ended Fiscal Year Ended March 31, September 30, -------------------------------------------- ---------------- 2004 2003 2002 2001 2000 2004 2003 ---- ---- ---- ---- ---- ---- ---- Net income (loss) before income taxes, excluding equity interests in unconsolidated subsidiaries, write down of equity interests, gain on dilution of equity interests, gain on sale of equity interests, other equity interests and minority interests in consolidated subsidiaries.................................. $(89,554) $ 379 $(15,356) $10,206 $3,467 $(2,195) $(11,784) Interest capitalized............................ (1,300) (300) (2,200) (1,500) (2,400) (400) (600) Fixed charges................................... 20,482 11,473 12,812 11,162 6,440 14,076 5,974 -------- ------- -------- ------- ------ ------- ------- TOTAL EARNINGS.................................. $(70,372) $11,552 $ (4,744) $19,868 $7,507 $11,481 $(6,410) ======== ======= ======== ======= ====== ======= ======= FIXED CHARGES: Interest expense and amortization of deferred financing costs...................... $ 18,415 $10,606 $ 9,912 $ 8,995 $3,606 $13,176 $ 5,207 Estimate of interest within rent expense........ 767 567 700 667 433 500 167 Interest capitalized............................ 1,300 300 2,200 1,500 2,400 400 600 -------- ------- -------- ------- ------ ------- ------- TOTAL FIXED CHARGES............................. $ 20,482 $11,473 $ 12,812 $11,162 $6,439 $14,076 $ 5,974 ======== ======= ======== ======= ====== ======= ======= RATIO OF EARNINGS TO FIXED CHARGES.............. --(1) 1.01 --(2) 1.78 1.17 0.82(3) --(4) ======== ======= ======== ======= ====== ======= ======= </Table> (1) Earnings were insufficient to cover fixed charges by $ 90,854 (2) Earnings were insufficient to cover fixed charges by $ 17,556 (3) Earnings were insufficient to cover fixed charges by $ 2,595 (4) Earnings were insufficient to cover fixed charges by $ 12,384