Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - EDUCATION MANAGEMENT CORPORATION | c05411e10vk.htm |
| EX-31.1 - EXHIBIT 31.1 - EDUCATION MANAGEMENT CORPORATION | c05411exv31w1.htm |
| EX-32.2 - EXHIBIT 32.2 - EDUCATION MANAGEMENT CORPORATION | c05411exv32w2.htm |
| EX-23.1 - EXHIBIT 23.1 - EDUCATION MANAGEMENT CORPORATION | c05411exv23w1.htm |
| EX-32.1 - EXHIBIT 32.1 - EDUCATION MANAGEMENT CORPORATION | c05411exv32w1.htm |
| EX-31.2 - EXHIBIT 31.2 - EDUCATION MANAGEMENT CORPORATION | c05411exv31w2.htm |
| EX-10.28 - EXHIBIT 10.28 - EDUCATION MANAGEMENT CORPORATION | c05411exv10w28.htm |
| EX-10.30 - EXHIBIT 10.30 - EDUCATION MANAGEMENT CORPORATION | c05411exv10w30.htm |
| EX-10.29 - EXHIBIT 10.29 - EDUCATION MANAGEMENT CORPORATION | c05411exv10w29.htm |
| EX-10.31 - EXHIBIT 10.31 - EDUCATION MANAGEMENT CORPORATION | c05411exv10w31.htm |
| EX-10.32 - EXHIBIT 10.32 - EDUCATION MANAGEMENT CORPORATION | c05411exv10w32.htm |
| EX-10.33 - EXHIBIT 10.33 - EDUCATION MANAGEMENT CORPORATION | c05411exv10w33.htm |
Exhibit 12.1
Education Management LLC
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(Dollars in millions)
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(Dollars in millions)
| Predecessor | Successor | ||||||||||||||||||||||||
| July 1, 2005 | June 1, 2006 | ||||||||||||||||||||||||
| through May 31, | through June 30, | Year Ended June 30, | |||||||||||||||||||||||
| 2006 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||||||
Computation of fixed charges |
|||||||||||||||||||||||||
Interest expense |
$ | 0.8 | $ | 13.8 | $ | 175.2 | $ | 164.1 | $ | 157.1 | $ | 123.9 | |||||||||||||
Amortization of debt issuance costs |
1.3 | 0.6 | 7.7 | 7.7 | 7.8 | 8.1 | |||||||||||||||||||
Portion of rental expense representative of interest |
18.5 | 1.9 | 22.3 | 27.1 | 30.8 | 35.8 | |||||||||||||||||||
Total fixed charges |
$ | 20.6 | $ | 16.3 | $ | 205.2 | $ | 198.9 | $ | 195.7 | $ | 167.8 | |||||||||||||
Computation of earnings (loss) |
|||||||||||||||||||||||||
Income (loss) before income taxes |
$ | 174.0 | $ | (32.1 | ) | $ | 59.3 | $ | 105.8 | $ | 165.4 | $ | 250.3 | ||||||||||||
Fixed charges per above |
20.6 | 16.3 | 205.2 | 198.9 | 195.7 | 167.8 | |||||||||||||||||||
Total earnings (loss) |
$ | 194.6 | $ | (15.8 | ) | $ | 264.5 | $ | 304.7 | $ | 361.1 | $ | 418.1 | ||||||||||||
Ratio of earnings (loss) to fixed charges |
9.4 | X | (1.0 | )X | 1.3 | X | 1.5 | X | 1.8 | X | 2.5 | X | |||||||||||||
| * | Earnings for the period June 1 through June 30, 2006 were inadequate to cover fixed charges by $32.1 million. |