Exhibit 12
IRON MOUNTAIN INCORPORATED
STATEMENT OF THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
PRO FORMA
-------------------------
THREE MONTHS FOR THE FOR THE THREE
YEAR ENDED DECEMBER 31, ENDED MARCH 31, YEAR ENDED MONTHS ENDED
----------------------------------------------------- ------------------ DECEMBER 31, MARCH 31,
1994 1995 1996 1997 1998 1998 1999 1998 1999
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Earnings:
Income (loss) from continuing
operations before provision
(benefit) for Income taxes
and minority interest $ 3,241 $ 1,945 $ 1,792 $ (4,601) $ 3,391 $(1,583) $ 1,522 $ 2,813 $ 1,416
Add: Fixed charges 13,472 17,058 21,939 37,489 61,169 14,191 16,232 73,860 18,215
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$ 16,713 $ 19,003 $ 23,731 $ 32,888 $ 64,560 $12,608 $ 17,754 $ 76,673 $ 19,631
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Fixed Charges:
Interest expense $ 8,954 $ 11,838 $ 14,901 $ 27,712 $ 45,673 $10,721 $ 11,944 $ 54,944 $ 13,384
Interest portion of rent
expense 4,518 5,220 7,038 9,777 15,496 3,470 4,288 18,916 4,831
--------- --------- --------- --------- --------- --------- --------- --------- ---------
$ 13,472 $ 17,058 $ 21,939 $ 37,489 $ 61,169 $14,191 $ 16,232 $ 73,860 $ 18,215
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Ratio of earnings to fixed
charges 1.2x 1.1x 1.1x 0.9x(1) 1.1x 0.9x(2) 1.1x 1.0x 1.1x
(1) For 1997, the Company would have needed to generate additional income from
continuing operations before benefit for income taxes and minority interest
of $4,601 to cover its fixed charges of $37,489.
(2) For the three months ended March 31, 1998, the Company would have needed
to generate additional income from continuing operations before benefit
for income taxes and minority interest of $1,583 to cover its
fixed charges of $14,191.