EX-12.1 47 v205453_ex12-1.htm Unassociated Document
 
EXHIBIT 12.1
RADNET, INC. AND SUBSIDIARIES
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 (in thousands)
(unaudited)
 

   
Three Months Ended
   
Nine Months Ended
   
Years Ended
   
Two Months Ended
   
Years Ended
 
   
September 30,
   
September 30,
   
December 31,
   
December 31,
   
October 31,
 
   
2010
   
2009
   
2010
   
2009
   
2009
   
2008
   
2007
   
2006
   
2006
   
2005
   
2006
   
2005
 
Earnings:
                                                                       
Pre-tax net loss (1)
    $64       $(1,471 )     $(15,554 )     $(2,554 )     $(1,732 )     $(12,582 )     $(17,196 )     $(17,657 )     $(10,918 )     $(155 )     $(6,894 )     $(3,570 )
Less: Equity in earnings of unconsolidated joint ventures
    (2,282 )     (1,751 )     (6,114 )     (6,839 )     (8,456 )     (9,791 )     (5,944 )     (586 )     (503 )     -       (83 )     -  
Plus: Distributions from unconsolidated joint ventures
    2,795       2,489       8,339       6,852       7,667       7,982       6,464       179       179       -       -       -  
Fixed charges
    16,932       14,173       54,937       44,482       57,521       66,302       58,059       34,532       12,569       3,433       25,396       20,132  
Total adjusted earnings
    $17,509       $13,440       $41,608       $41,941       $55,000       $51,911       $41,383       $16,468       $1,327       $3,278       $18,419       $16,562  
Fixed charges:
                                                                                               
Interest expense (including debt issue costs amortized to interest expense)
    $12,781       $12,367       $35,477       $38,538       $49,193       $51,811       $44,294       $23,012       $5,620       $2,970       $20,362       $17,493  
Write-off of debt issue costs
            -       7,559       -       -       -       -       7,009       4,912       -       2,097       -  
Portion of rent expense representative of the interest factor (2)
    4,151       3,632       11,901       10,839       14,447       14,491       13,765       4,511       2,037       463       2,937       2,639  
Fair value adjustments of cash flow hedges reclassified from OCI to interest expense
    -       (1,826 )     -       (4,895 )     (6,119 )     -       -       -       -       -       -       -  
Total fixed charges
    $16,932       $14,173       $54,937       $44,482       $57,521       $66,302       $58,059       $34,532       $12,569       $3,433       $25,396       $20,132  
Ratio of earnings to fixed charges
    1.03       0.95       0.76       0.94       0.96       0.78       0.71       0.48       0.11       0.95       0.73       0.82  
Additional earnings required to have a one-to-one ratio of earnings to fixed charges
    $(577 )     $733       $13,329       $2,541       $2,521       $14,391       $16,676       $18,064       $11,242       $155       $6,977       $3,570  
 
(1)  Excludes net income attributable to noncontrolling interests
(2)  Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion