Attached files
| file | filename |
|---|---|
| 10-K - ANNUAL REPORT - RadNet, Inc. | radnet_10k-123116.htm |
| EX-32.2 - CERTIFICATION - RadNet, Inc. | radnet_ex3202.htm |
| EX-32.1 - CERTIFICATION - RadNet, Inc. | radnet_ex3201.htm |
| EX-31.2 - CERTIFICATION - RadNet, Inc. | radnet_ex3102.htm |
| EX-31.1 - CERTIFICATION - RadNet, Inc. | radnet_ex3101.htm |
| EX-23.1 - CONSENT OF REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM - RadNet, Inc. | radnet_ex2301.htm |
| EX-21.1 - LIST OF SUBSIDIARIES - RadNet, Inc. | radnet_ex2101.htm |
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
(unaudited)
| Years Ended | ||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||||
| Pre-tax net income (loss) (1) | $ | 12,436 | $ | 14,645 | $ | 3,652 | $ | 5,886 | $ | 4,377 | $ | 8,162 | ||||||||||||||
| Less: | Equity in earnings of unconsolidated joint ventures | (9,767 | ) | (8,927 | ) | (6,970 | ) | (6,194 | ) | (6,476 | ) | (5,224 | ) | |||||||||||||
| Plus: | Distributions from unconsolidated joint ventures | 2,926 | 7,731 | 7,358 | 7,204 | 6,477 | 4,993 | |||||||||||||||||||
| Fixed charges | 53,845 | 51,717 | 56,145 | 54,891 | 61,352 | 59,028 | ||||||||||||||||||||
| Total adjusted earnings | $ | 59,440 | $ | 65,166 | $ | 60,185 | $ | 61,787 | $ | 65,730 | $ | 66,959 | ||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||||
| Interest expense (including debt issue costs amortized to interest expense) | $ | 42,746 | $ | 41,684 | $ | 42,727 | $ | 45,791 | $ | 53,783 | $ | 52,798 | ||||||||||||||
| Adjustments to exclude fair value adjustments of cash flow hedges reclassified from OCI to interest expense | – | – | – | – | (918 | ) | (1,225 | ) | ||||||||||||||||||
| Write-off of debt issue costs | 709 | – | 4,389 | – | – | – | ||||||||||||||||||||
| Portion of rent expense representative of the interest factor (2) | 10,390 | 10,033 | 9,029 | 9,100 | 8,487 | 7,455 | ||||||||||||||||||||
| Total fixed charges | $ | 53,845 | $ | 51,717 | $ | 56,145 | $ | 54,891 | $ | 61,352 | $ | 59,028 | ||||||||||||||
| Ratio of earnings to fixed charges | 1.10 | 1.26 | 1.07 | 1.13 | 1.07 | 1.13 | ||||||||||||||||||||
| Additional earnings required to have a one-to-one ratio of earnings to fixed charges | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| (1) | Excludes net income attributable to non-controlling 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 |