EX-12.1 4 dva-33117ex121.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1
DAVITA HEALTHCARE PARTNERS INC.
RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings for this purpose are defined as pretax income from continuing operations adjusted by adding back fixed charges expensed during the period less noncontrolling interests. Fixed charges include debt expense (interest expense and the amortization of deferred financing costs), the estimated interest component of rent expense on operating leases, and capitalized interest.

 
Three
months
ended
 
 
 
March 31,
 
Year ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
 
(dollars in thousands)
Earnings adjusted for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before
income taxes
$
788,050

 
$
1,488,895

 
$
723,136

 
$
1,309,673

 
$
1,124,978

 
$
1,001,304

Add:
 
 
 
 
 
 
 
 
 
 
 
Debt expense
104,429

 
414,382

 
408,380

 
410,294

 
429,943

 
288,554

Interest portion of rent expense
48,130

 
181,888

 
166,821

 
149,432

 
137,558

 
112,424

Less: Noncontrolling interests
(52,653
)
 
(153,640
)
 
(158,304
)
 
(140,949
)
 
(124,276
)
 
(105,891
)
 
99,906

 
442,630

 
416,897

 
418,777

 
443,225

 
295,087

 
$
887,956

 
$
1,931,525

 
$
1,140,033

 
$
1,728,450

 
$
1,568,203

 
$
1,296,391

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Debt expense
104,429

 
414,382

 
408,380

 
410,294

 
429,943

 
288,554

Interest portion of rent expense
48,130

 
181,888

 
166,821

 
149,432

 
137,558

 
112,424

Capitalized interest
4,181

 
12,990

 
9,723

 
7,888

 
6,408

 
8,127

 
$
156,740

 
$
609,260

 
$
584,924

 
$
567,614

 
$
573,909

 
$
409,105

Ratio of earnings to fixed charges
5.67

 
3.17

 
1.95

 
3.05

 
2.73

 
3.17