EX-12.1 2 exhibit121.htm STATEMENT RE COMPUTATION OF RATIOS Exhibit 12.1



Exhibit 12.1
Education Management LLC
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(Dollars in millions)


 
2008
2009
2010
2011
2012
 
 
 
 
 
 
Computation of fixed charges
 
 
 
 
 
Interest expense
$
156.5

$
149.3

$
115.8

$
118.2

$
109.3

Amortization of debt issuance costs
7.7

7.8

8.1

6.5

1.1

Portion of rental expense representative of interest
27.1

30.8

35.8

39.4

39.3

Total fixed charges
$
191.3

$
187.9

$
159.7

$
164.1

$
149.7

Computation of earnings
 
 
 
 
 
Income before income taxes
$
105.8

$
165.4

$
250.3

$
369.4

$
(1,529.2
)
Fixed charges per above
191.3

187.9

159.7

164.1

149.7

Total earnings
$
297.1

$
353.3

$
410.0

$
533.5

$
(1,379.5
)
Ratio of earnings to fixed charges
1.6

1.9

2.6

3.3

(9.2
)