EX-12.1 7 radnet_ex1201.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

(unaudited)

   

  Years Ended
December 31,
 
   2015   2014   2013   2012   2011   2010 
Earnings:                              
Pre-tax net income (loss) (1)  $14,645   $3,652   $5,886   $4,377   $8,162   $(12,109)
Less: Equity in earnings of unconsolidated joint ventures                              
Plus: Distributions from unconsolidated joint ventures   7,731    7,358    7,204    6,477    4,993    7,639 
Fixed charges   51,717    56,145    54,891    61,352    59,028    61,751 
Total adjusted earnings  $65,166   $60,185   $61,787   $65,730   $66,959   $52,329 
                               
Fixed charges:                              
Interest expense (including debt issue costs amortized to interest expense)  $41,684   $42,727   $45,791   $53,783   $52,798   $48,398 
Adjustments to exclude fair value adjustments of cash flow hedges reclassified from OCI to interest expense               (918)   (1,225)   (917)
Write-off of debt issue costs       4,389                7,559 
Portion of rent expense representative of the interest factor (2)   10,033    9,029    9,100    8,487    7,455    6,711 
Total fixed charges  $51,717   $56,145   $54,891   $61,352   $59,028   $61,751 
                               
Ratio of earnings to fixed charges   1.26    1.07    1.13    1.07    1.13     
                               
Additional earnings required to have a one-to-one ratio of earnings to fixed charges  $   $   $   $   $   $9,422 

 

(1)   Excludes net income attributable to noncontrolling interests

 

(2)   Represents 14% of operating lease costs, which approximates the portion that relates to the interest portion based on our estimated incremental borrowing rate