EX-12 3 d83179exv12.htm EX-12 exv12
EXHIBIT 12
Cinemark USA, Inc.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                                   
    Period from             Year Ended           Three Months
    January 1, 2006 to     Period from   December 31,           Ended March 31,
    October 4, 2006     October 5, 2006 to   2007   2008   2009   2010   2010   2011
    (Predecessor)     December 31, 2006   (Successor)           (Successor)
       
Computation of earnings:
                                                                  
Pretax income from continuing operations before equity income (loss)
   $ 75,019       $ (7,129 )   $ 246,323     $ 18,015     $ 196,798     $ 212,969     $ 57,053     $ 32,355  
Add:
                                                                  
Fixed charges
     70,293         45,838       165,887       140,533       152,843       188,432       44,650       48,941  
Amortization of capitalized interest
     354         117       474       489       496       496       124       124  
Distributed (income) losses of equity investees
     (1,800 )       154       (2,462 )     (2,373 )     (907 )     (3,438 )     27       2,438  
Pre tax losses of equity investees for which charges arising from guarantees are included in fixed charges
     —         —       —       —       —       —       —       —  
Less:
                                                                  
Capitalized interest
     (86 )       —       (618 )     (270 )     —       —       —       —  
Preference security dividend requirements of consolidated subsidiaries
     —         —       —       —       —       —       —       —  
           
TOTAL EARNINGS
   $ 143,780       $ 38,980     $ 409,604     $ 156,394     $ 349,230     $ 398,459     $ 101,854     $ 83,858  
           
 
                                                                  
Computation of fixed charges:
                                                                  
Interest expense
   $ 35,887       $ 30,833     $ 99,446     $ 71,067     $ 77,515     $ 107,728     $ 24,829     $ 28,106  
Capitalized interest
     86         —       618       270       —       —       —       —  
Amortization of debt issue costs
     2,106         847       3,314       3,339       4,094       4,716       1,181       1,184  
Interest factor on rent expense
     32,214         14,158       62,509       65,857       71,234       75,988       18,640       19,651  
           
TOTAL FIXED CHARGES
   $ 70,293       $ 45,838     $ 165,887     $ 140,533     $ 152,843     $ 188,432     $ 44,650     $ 48,941  
           
 
                                                                  
RATIO OF EARNINGS TO FIXED CHARGES (1)
     2.05         —       2.47       1.11       2.28       2.11       2.28       1.71  
           
 
(1)   For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) from continuing operations before taxes plus fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest, amortization of debt issue cost and that portion of rental expense which we believe to be representative of the interest factor. For the period from October 5, 2006 to December 31, 2006, earnings were insufficient to cover fixed charges by $6.9 million.