EX-12.1 5 edmc-20130630xexhibit121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EDMC-2013.06.30-Exhibit 12.1



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


 
For the Fiscal Year Ended June 30,
 
2009
2010
2011
2012
2013
Computation of fixed charges
 
 
 
 
 
Interest expense
$
149.3

$
115.8

$
118.2

$
109.3

$
116.6

Amortization of debt issuance costs
7.8

8.1

6.5

1.1

8.5

Portion of rental expense representative of interest
30.8

35.8

39.4

39.3

41.2

Total fixed charges
$
187.9

$
159.7

$
164.1

$
149.7

$
166.3

Computation of earnings
 
 
 
 
 
Income before income taxes
$
165.4

$
250.3

$
369.4

$
(1,529.2
)
$
(256.0
)
Fixed charges per above
187.9

159.7

164.1

149.7

166.3

Total earnings
$
353.3

$
410.0

$
533.5

$
(1,379.5
)
$
(89.7
)
Ratio of earnings to fixed charges
1.9

2.6

3.3

(9.2
)
(0.5
)