EX-12.1 322 y85917exv12w1.txt STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS Exhibit 12.1 TOWN SPORTS INTERNATIONAL, INC. COMPUTATION OF EARNINGS TO FIXED CHARGES ALL FIGURES $'000, EXCEPT COVERAGE RATIOS
Year ended For the seven months May 31, ended December, 31, Year ended December 31, ---- -------------------- ---------------------------------------------------- 1998 1997 1998 1998 1999 2000 2001 2002 ---- ---- ---- ---- ---- ---- ---- ---- Earnings available for fixed charges: Income (loss) before income taxes $ 840 $ 352 ($1,037) ($549) $ 755 $ 10,227 $ 14,429 $ 21,672 Less: income from investments accounted for by the equity method (128) (112) (192) (208) (314) (512) (695) (796) Add: Cash distributions from investments accounted for by the equity method 198 72 208 334 285 420 809 720 Add: Fixed charges, net of capitalized interest 11,431 6,011 9,493 14,912 20,093 23,610 27,785 31,620 -------- ------- ------- -------- -------- -------- -------- -------- Total $ 12,341 $ 6,323 $ 8,472 $ 14,489 $ 20,819 $ 33,746 $ 42,328 $ 53,216 Fixed Charges Interest (includes amortization of issuance costs) $ 7,130 $ 3,796 $ 5,551 $ 8,885 $ 11,527 $ 13,120 $ 14,527 $ 16,423 Interest portion of rent expense 4,301 2,215 3,942 6,027 8,566 10,490 13,258 15,197 Capitalized interest 526 65 308 769 436 660 907 354 -------- ------- ------- -------- -------- -------- -------- -------- Total $ 11,957 $ 6,076 $ 9,801 $ 15,681 $ 20,530 $ 24,270 $ 28,692 $ 31,974 Coverage (deficit): Earnings to fixed charges 1.0 1.0 (1,329) (1,192) 1.0 1.4 1.5 1.7
Three Months Ended March 31, -------------------------------- PRO PRO FORMA FORMA 2002 2002 2003 2003 ----- ---- ---- ---- Earnings available for fixed charges: Income (loss) before income taxes $ 11,120 $ 4,807 $ 9,940 $ 7,406 Less: income from investments accounted for by the equity method (796) (156) (210) (210) Add: Cash distributions from investments accounted for by the equity method 720 77 198 198 Add: Fixed charges, net of capitalized interest 42,172 7,831 8,366 10,900 -------- -------- -------- -------- Total $ 53,216 $ 12,559 $ 18,294 18,294 Fixed Charges Interest (includes amortization of issuance costs) $ 26,975 $ 4,085 $ 4,210 $ 6,744 Interest portion of rent expense 15,197 3,746 4,156 4,156 Capitalized interest 354 92 97 97 -------- -------- -------- -------- Total $ 42,526 $ 7,923 $ 8,463 10,997 Coverage (deficit): Earnings to fixed charges 1.3 1.6 2.2 1.7