EX-12.1 2 exhibit1.htm EX-12.1 EX-12.1
                                         
Exhibit 12.1
Live Nation, Inc.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
    Year Ended
    2008   2007   2006   2005   2004
Loss before income taxes, equity in earnings of nonconsolidated affiliates, and cumulative effect of a change in accounting principle
   $ (344,610 )   $ (34,540 )   $ (26,552 )   $ (62,037 )   $ (14,210 )
Dividends and other received from nonconsolidated affiliates
     —       —       —       —       —  
 
                                        
Total earnings
     (344,610 )     (34,540 )     (26,552 )     (62,037 )     (14,210 )
Fixed charges:
                                        
Interest expense
     70,670       65,006       37,194       52,398       45,445  
Amortization of loan fees
     *       *       *       *       —  
Interest portion of rentals
     35,181       32,311       23,158       19,434       18,562  
 
                                        
Total fixed charges
     105,851       97,317       60,352       71,832       64,007  
Preferred stock dividends
     —       —       —       —       —  
 
                                        
Total fixed charges and preferred stock dividends
     105,851       97,317       60,352       71,832       64,007  
Total earnings available for payment of fixed charges
   $ (238,759 )   $ 62,777     $ 33,800     $ 9,795     $ 49,797  
 
                                        
Ratio of earnings to fixed charges
     (2.26 )     0.65       0.56       0.14       0.78  
 
                                        
Rental fees and charges
     100,518       92,316       66,165       55,526       53,034  
Interest rate
     35 %     35 %     35 %     35 %     35 %

• Amortization of loan fees is included in interest expense.