EX-12 9 w81669exv12.htm EX-12 exv12
EXHIBIT 12
Select Medical Holdings Corporation
Ratio of Earnings to Fixed Charges
(in thousands)
(unaudited)
                                         
    For the Year Ended December 31,  
    2006     2007     2008     2009     2010  
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or loss from equity investees
   $ 127,336     $ 55,666     $ 51,897     $ 116,404     $ 124,432  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense and amortization of debt discount and premium on all indebtedness
     131,831       140,155       145,894       132,469       112,337  
 
                                        
Capitalized interest
     2,016       3,757       474       427       767  
 
                                        
Rentals:
                                        
Buildings - 33% (A)
     27,736       32,490       36,380       38,644       39,033  
 
                                        
Office and other equipment - 33% (A)
     11,337       11,023       9,580       9,309       12,038  
 
                                        
Preferred stock dividend requirements of consolidated subsidiaries
     34,632       36,374       53,970       29,273       —  
 
                                        
 
                              
Total fixed charges
   $ 207,552     $ 223,799     $ 246,299     $ 210,121     $ 164,175  
 
                              
 
                                        
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or loss from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries less capitalized interest
   $ 332,872     $ 275,708     $ 297,722     $ 326,098     $ 287,840  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.60       1.23       1.21       1.55       1.75  
 
                              
 
(A)   The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.

 

 

Select Medical Corporation
Ratio of Earnings to Fixed Charges
(in thousands)
(unaudited)
                                         
    For the Year Ended December 31,  
    2006     2007     2008     2009     2010  
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or loss from equity investees
   $ 163,245     $ 85,997     $ 84,100     $ 152,037     $ 152,297  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense and amortization of debt discount and premium on all indebtedness
     97,288       105,497       110,889       99,543       84,472  
 
                                        
Capitalized interest
     2,016       3,757       474       427       767  
 
                                        
Rentals:
                                        
Buildings - 33% (A)
     27,736       32,490       36,380       38,644       39,033  
 
                                        
Office and other equipment - 33% (A)
     11,337       11,023       9,580       9,309       12,038  
 
                                        
 
                              
Total fixed charges
   $ 138,377     $ 152,767     $ 157,323     $ 147,922     $ 136,310  
 
                              
 
                                        
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or loss from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries, less capitalized interest
   $ 299,606     $ 235,007     $ 240,949     $ 299,532     $ 287,840  
 
                              
 
                                        
Ratio of earnings to fixed charges
     2.17       1.54       1.53       2.02       2.11  
 
                              
 
(A)   The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.