Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - RadNet, Inc. | Financial_Report.xls |
| EX-21 - SUBSIDIARIES - RadNet, Inc. | rdnt_10k-ex021.htm |
| EX-23.1 - CONSENT - RadNet, Inc. | rdnt_10k-ex2301.htm |
| EX-31.1 - CERTIFICATION - RadNet, Inc. | rdnt_10k-ex3101.htm |
| EX-31.2 - CERTIFICATION - RadNet, Inc. | rdnt_10k-ex3102.htm |
| EX-32.2 - CERTIFICATION - RadNet, Inc. | rdnt_10k-ex3202.htm |
| EX-32.1 - CERTIFICATION - RadNet, Inc. | rdnt_10k-ex3201.htm |
| 10-K - FORM 10-K - RadNet, Inc. | rdnt_10k-123114.htm |
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
(unaudited)
| Years Ended | |||||||||||||||||||||||||
| December 31, | |||||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
| Earnings: | |||||||||||||||||||||||||
| Pre-tax net income (loss) (1) | $ | 3,652 | $ | 5,886 | $ | 4,377 | $ | 8,162 | $ | (12,109 | ) | $ | (1,732 | ) | |||||||||||
| Less: | Equity in earnings of unconsolidated joint ventures | (6,970 | ) | (6,194 | ) | (6,476 | ) | (5,224 | ) | (4,952 | ) | (5,209 | ) | ||||||||||||
| Plus: | Distributions from unconsolidated joint ventures | 7,358 | 7,204 | 6,477 | 4,993 | 7,639 | 4,420 | ||||||||||||||||||
| Fixed charges | 56,145 | 54,891 | 61,352 | 59,028 | 61,751 | 49,965 | |||||||||||||||||||
| Total adjusted earnings | $ | 60,185 | $ | 61,787 | $ | 65,730 | $ | 66,959 | $ | 52,329 | $ | 47,444 | |||||||||||||
| Fixed charges: | |||||||||||||||||||||||||
| Interest expense (including debt issue costs amortized to interest expense) | $ | 42,727 | $ | 45,791 | $ | 53,783 | $ | 52,798 | $ | 48,398 | $ | 50,016 | |||||||||||||
| Adjustments to exclude fair value adjustments of cash flow hedges reclassified from OCI to interest expense | – | – | (918 | ) | (1,225 | ) | (917 | ) | (6,119 | ) | |||||||||||||||
| Write-off of debt issue costs | 4,389 | – | – | – | 7,559 | – | |||||||||||||||||||
| Portion of rent expense representative of the interest factor (2) | 9,029 | 9,100 | 8,487 | 7,455 | 6,711 | 6,068 | |||||||||||||||||||
| Total fixed charges | $ | 56,145 | $ | 54,891 | $ | 61,352 | $ | 59,028 | $ | 61,751 | $ | 49,965 | |||||||||||||
| Ratio of earnings to fixed charges | – | 1.13 | 1.07 | 1.13 | – | – | |||||||||||||||||||
| Additional earnings required to have a one- to-one ratio of earnings to fixed charges | $ | (4,040 | ) | $ | – | $ | – | $ | – | $ | 9,422 | $ | 2,521 | ||||||||||||
| (1) | Excludes net income attributable to noncontrolling interests |
| (2) | Represents 14% of operating lease costs, which approximates the portion that relates to the interest portion based on our estimated incremental borrowing rate |