EX-12.1 11 ex-1212012630x10k.htm EXHIBIT 12.1 EX - 12.1 2012.6.30-10K
EXHIBIT 12.1

Vanguard Health Systems, Inc.
Computation of Ratios of Earnings to Fixed Charges
(unaudited)
(dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended
 
Year ended
 
Year ended
 
Year ended
 
Year ended
 
 
 
June 30, 2008
 
June 30, 2009
 
June 30, 2010
 
June 30, 2011
 
June 30, 2012
 
EARNINGS:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
5.6

 
$
48.9

 
$
(58.4
)
 
$
6.1

 
$
78.6

 
Equity method income
 
(0.7
)
 
(0.8
)
 
(0.9
)
 
(0.9
)
 
(1.5
)
 
Fixed charges, exclusive of capitalized interest (a)
 
138.6

 
124.7

 
127.8

 
187.1

 
202.6

 
Earnings
 
$
143.5

 
$
172.8

 
$
68.5

 
$
192.3

 
$
279.7

 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
Interest charged to expense (b)
 
$
128.4

 
$
114.0

 
$
116.8

 
$
173.6

 
$
183.8

 
Portion of rents representing interest (c)
 
10.2

 
10.7

 
11.0

 
13.5

 
18.8

 
Fixed charges, exclusive of capitalized interest
 
138.6

 
124.7

 
127.8

 
187.1

 
202.6

 
Capitalized interest
 
1.4

 
2.0

 
2.4

 
5.6

 
3.4

 
Total fixed charges
 
$
140.0

 
$
126.7

 
$
130.2

 
$
192.7

 
$
206.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.03

x
1.36
x
n/a

 
n/a

 
1.36
x
 
 
 
 
 
 
 
 
 
 
 
 
Amount by which earnings are inadequate to cover fixed charges
 
n/a

 
n/a

 
$
61.7

 
$
0.4

 
n/a

 
_____________________

(a)    Calculated in fixed charges section below.
(b)    Excludes interest income. Includes amortization of deferred financing costs and debt discount amortization.
(c)    Estimated to be 25% of consolidated rental expense.