SELECT MEDICAL HOLDINGS CORP - FORM 10-K - EX-12 - March 9, 2011

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10-K - FORM 10-K - SELECT MEDICAL HOLDINGS CORPw81669e10vk.htm
EX-23 - EX-23 - SELECT MEDICAL HOLDINGS CORPw81669exv23.htm
EX-31.1 - EX-31.1 - SELECT MEDICAL HOLDINGS CORPw81669exv31w1.htm
EX-21.1 - EX-21.1 - SELECT MEDICAL HOLDINGS CORPw81669exv21w1.htm
EX-31.2 - EX-31.2 - SELECT MEDICAL HOLDINGS CORPw81669exv31w2.htm
EX-32.1 - EX-32.1 - SELECT MEDICAL HOLDINGS CORPw81669exv32w1.htm
EX-10.115 - EX-10.115 - SELECT MEDICAL HOLDINGS CORPw81669exv10w115.htm
EX-10.112 - EX-10.112 - SELECT MEDICAL HOLDINGS CORPw81669exv10w112.htm
EX-10.114 - EX-10.114 - SELECT MEDICAL HOLDINGS CORPw81669exv10w114.htm
EX-10.113 - EX-10.113 - SELECT MEDICAL HOLDINGS CORPw81669exv10w113.htm
EX-10.111 - EX-10.111 - SELECT MEDICAL HOLDINGS CORPw81669exv10w111.htm
EX-10.117 - EX-10.117 - SELECT MEDICAL HOLDINGS CORPw81669exv10w117.htm
EX-10.116 - EX-10.116 - SELECT MEDICAL HOLDINGS CORPw81669exv10w116.htm
EXHIBIT 12
Select Medical Holdings Corporation
Ratio of Earnings to Fixed Charges
(in thousands)
(unaudited)
                                         
    For the Year Ended December 31,  
    2006     2007     2008     2009     2010  
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or loss from equity investees
   $ 127,336     $ 55,666     $ 51,897     $ 116,404     $ 124,432  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense and amortization of debt discount and premium on all indebtedness
     131,831       140,155       145,894       132,469       112,337  
 
                                        
Capitalized interest
     2,016       3,757       474       427       767  
 
                                        
Rentals:
                                        
Buildings - 33% (A)
     27,736       32,490       36,380       38,644       39,033  
 
                                        
Office and other equipment - 33% (A)
     11,337       11,023       9,580       9,309       12,038  
 
                                        
Preferred stock dividend requirements of consolidated subsidiaries
     34,632       36,374       53,970       29,273       —  
 
                                        
 
                              
Total fixed charges
   $ 207,552     $ 223,799     $ 246,299     $ 210,121     $ 164,175  
 
                              
 
                                        
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or loss from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries less capitalized interest
   $ 332,872     $ 275,708     $ 297,722     $ 326,098     $ 287,840  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.60       1.23       1.21       1.55       1.75  
 
                              
 
(A)   The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.

 

 

Select Medical Corporation
Ratio of Earnings to Fixed Charges
(in thousands)
(unaudited)
                                         
    For the Year Ended December 31,  
    2006     2007     2008     2009     2010  
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or loss from equity investees
   $ 163,245     $ 85,997     $ 84,100     $ 152,037     $ 152,297  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense and amortization of debt discount and premium on all indebtedness
     97,288       105,497       110,889       99,543       84,472  
 
                                        
Capitalized interest
     2,016       3,757       474       427       767  
 
                                        
Rentals:
                                        
Buildings - 33% (A)
     27,736       32,490       36,380       38,644       39,033  
 
                                        
Office and other equipment - 33% (A)
     11,337       11,023       9,580       9,309       12,038  
 
                                        
 
                              
Total fixed charges
   $ 138,377     $ 152,767     $ 157,323     $ 147,922     $ 136,310  
 
                              
 
                                        
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or loss from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries, less capitalized interest
   $ 299,606     $ 235,007     $ 240,949     $ 299,532     $ 287,840  
 
                              
 
                                        
Ratio of earnings to fixed charges
     2.17       1.54       1.53       2.02       2.11  
 
                              
 
(A)   The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.

 

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