Exhibit 12.1

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(unaudited)

	Nine months ended			For the year ended
	September 30,			December 31,			December 31,			December 31,			December 31,			December 31,
(Dollar amounts in thousands)	2015			2014			2013			2012			2011			2010
Earnings:
Loss from continuing operations before income taxes, and equity in net loss of affiliates	$	(220,224	)	$	(201,671	)	$	1,929		$	(140,584	)	$	(65,898	)	$	(251,317	)
Plus: fixed charges
Interest expense (a)	300,145			385,754			350,196			307,728			276,943			237,624
Capitalized interest	—			7,898			5,757			337			301			504
Interest included in rent expense	98,738			129,277			118,073			108,393			105,345			88,229
Total fixed charges	398,883			522,929			474,026			416,458			382,589			326,357
Plus: amortization of capitalized interest	2,073			5,853			4,059			104			190			—
Less: capitalized interest	—			(7,898		)	(5,757		)	(337		)	(301		)	(504		)
Earnings:	$	180,732		$	319,213		$	474,257		$	275,641		$	316,580		$	74,536
Fixed Charges:	$	398,883		$	522,929		$	474,026		$	416,458		$	382,589		$	326,357
Ratio of earnings to fixed charges	(b)			(b)			1.0			(b)			(b)			(b)

(a)  Interest expense does not include interest relating to liabilities for uncertain tax positions, which the Company records as a component of income tax expense.

(b)  Due to the Company’s losses in 2015, 2014, 2012, 2011 and 2010, the ratio coverage was less than 1:1 in each of those periods. The Company would have needed to generate additional earnings of $218,151, $203,716, $140,817, $66,009 and $251,821 during 2015, 2014, 2012, 2011 and 2010, respectively, in order to achieve a coverage ratio of 1:1 during those periods.