EX-12.1 7 nsmh123114exhibit121.htm EXHIBIT 12.1 NSMH 12.31.14 Exhibit 12.1

Exhibit 12.1


RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ration of earnings to fixed charges for each of the periods shown. For purposes of calculating this ratio, (i) earnings consist of income (loss) from continuing operations before provision (benefit) for income taxes and fixed charges and (ii) fixed charges consist of interest expense, which includes amortization of deferred financing charges, and imputed interest on our lease obligations. The interest component of rent was determined based on an estimate of a reasonable interest factor at the inception of the leases.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2010
 
2011
 
2012
 
2013
 
2014
Calculation of income/(loss) from continuing
 
 
 
 
 
 
 
 
 
 
before income taxes and fixed charges
 
 
 
 
 
 
 
 
 
 
Net income/(loss) from continuing operations
 
$
(9,914
)
 
$
20,887

 
$
205,287

 
$
217,054

 
$
221,024

Income tax expense
 
—

 
—

 
71,296

 
129,200

 
64,860

Loss from equity method investments
 
—

 
107

 
14,571

 
—

 
—

Fixed Charges
 
119,288

 
109,039

 
202,470

 
547,781

 
523,649

Earnings as adjusted
 
$
109,374

 
$
130,033

 
$
493,624

 
$
894,035

 
$
809,533

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Calculation of fixed charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
116,163

 
$
105,375

 
$
197,308

 
$
538,805

 
$
516,387

 
Interest on lease obligations
 
3,125

 
3,664

 
5,162

 
9,148

 
7,262

Total fixed charges
 
$
119,288

 
$
109,039

 
$
202,470

 
$
547,953

 
$
523,649

 
 
 
 
 
 
 
 
 
 
 
 
Calculation of Earnings to Fixed Charges
 
0.92

 
1.19

 
2.44

 
1.63

 
1.55

 
 
 
 
 
 
 
 
 
 
 
 
Coverage deficiencies
 
9,914

 
—

 
—

 
—

 
—


(1) Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $9.9 million.