EX-12.1 5 a13-14413_1ex12d1.htm EX-12.1

Exhibit 12.1

 

LIONS GATE ENTERTAINMENT CORP.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

 

 

Year Ended March 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

93,580

 

$

78,111

 

$

55,180

 

$

47,162

 

$

34,275

 

Capitalized interest

 

14,465

 

11,668

 

5,248

 

4,991

 

10,319

 

Estimation of the interest within rental expense

 

1,008

 

1,226

 

3,520

 

4,204

 

5,635

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges:

 

$

109,053

 

$

91,005

 

$

63,948

 

$

56,357

 

$

50,229

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before equity interests and income taxes

 

$

159,446

 

$

(42,835

)

$

(5,413

)

$

9,941

 

$

(166,686

)

Fixed charges (calculated above)

 

109,053

 

91,005

 

63,948

 

56,357

 

50,229

 

Amortization of capitalized interest

 

11,796

 

6,658

 

8,408

 

6,342

 

5,921

 

Distributed income of equity investees, net of equity pick-up

 

—

 

—

 

10,200

 

—

 

—

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(14,465

)

(11,668

)

(5,248

)

(4,991

)

(10,319

)

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

265,830

 

$

43,160

 

$

71,895

 

$

67,649

 

$

(120,855

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (1)

 

2.4

x

(1)

x

1.1

x

1.2

x

(1)

 

 

(1)         “Earnings” include pretax income from continuing operations before non-controlling interests or equity interests plus (a) fixed charges and amortization of capitalized interest minus (b) interest capitalized.  “Fixed charges” consist of interest expensed, interest capitalized and an estimate of interest within rental expense.

 

We had pretax losses for the years ended March 31, 2012 and 2009, and as a result, the ratio of earnings to fixed charges was less than one to one.  Earnings were insufficient to cover fixed charges by $47.8 million and $171.1 million for the years ended March 31, 2012 and 2009, respectively.