Exhibit 12
IRON MOUNTAIN INCORPORATED
STATEMENT OF THE CALCULATION OF RATIO OF EARNINGS OF FIXED CHARGES
(Dollars in thousands)
Pro Forma(1)
------------------------
For the
Nine Months Year For the
Ended Ended Nine Months
Year Ended December 31, September 30, December Ended
-------------------------------------------- --------------- 31, September 30,
1992 1993 1994 1995 1996 1996 1997 1996 1997
------ ------ ------ ------ ----- ----- ------ -------- ----------
Earnings:
Income (Loss)
from Operations
before Provision
for Income Taxes $ 3,682 $ 3,656 $ 3,241 $ 1,945 $ 1,792 $ 2,239 $ (2,156) $(17,779) $(7,601)
Add: Fixed
Charges 12,079 12,430 13,472 17,058 21,939 15,103 24,425 56,433 44,366
------- ------- ------- ------- ------ ------- ------- ------- -------
$15,761 $16,086 $16,713 $19,003 $23,731 $17,342 $22,269 $38,654 $36,765
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Fixed
Charges:
Interest Expense $ 8,412 $ 8,203 $ 8,954 $11,838 $14,901 $ 9,981 $17,631 $46,282 $34,737
Interest Portion
of Rent Expense 3,667 4,227 4,518 5,220 7,038 5,122 6,794 10,151 9,629
------- ------- ------- ------- ------ ------- ------- ------- -------
$12,079 $12,430 $13,472 $17,058 $21,939 $15,103 $24,425 $56,433 $44,366
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Ratio of
Earnings
to Fixed
Charges 1.3x 1.3x 1.2x 1.1x 1.1x 1.1x 0.9x(2) 0.7x(3) 0.8x(4)
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(1) Does not include results of operations prior to the date of acquisition, or
pro forma adjustments, for acquisitions completed by HIMSCORP or Arcus in
1996 and 1997. Does not include adjustments for certain anticipated cost
reductions from the integration of the Recent Acquisitions and the Arcus
Acquisition.
(2) The Company reported a pretax loss for the nine months ended September 30,
1997. For such period the Company would have needed to generate
additional income from continuing operations, before provision for income
taxes, of $2,156 to cover its fixed charges of $24,425.
(3) On a pro forma basis, the Company would have needed to generate
additional income from continuing operations, before provision for income
taxes, of $17,779 to cover its fixed charges of $56,433.
(4) On a pro forma basis, the Company would have needed to generate
additional income from continuing operations, before provision for income
taxes, of $7,601 to cover its fixed charges of $44,366.