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EXHIBIT 12.1
DAVITA INC.
RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges is computed by dividing fixed
charges into earnings. Earnings is defined as pretax income from continuing
operations adjusted by adding fixed charges and excluding interest capitalized
during the period. Fixed charges means the total of interest expense and
amortization of financing costs, and the estimated interest component of
rental expense on operating leases.
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<CAPTION>
Nine Months
Ended Year ended December 31,
September 30, ----------------------------------------------
2000 1999 1998 1997 1996 1995
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(in thousands, except for ratio data)
<S> <C> <C> <C> <C> <C> <C>
Income (loss) before
income taxes,
extraordinary items and
cumulative effect of a
change in accounting
principle.............. $ 16,710 $(181,826) $ 48,641 $ 81,178 $54,563 $37,141
-------- --------- -------- -------- ------- -------
Fixed charges:
Interest expense and
amortization of debt
issuance costs and
discounts on all
indebtedness......... 94,017 110,797 84,003 29,082 13,670 12,921
Interest portion of
rental
expense.............. 13,126 17,501 12,992 8,196 5,301 3,346
-------- --------- -------- -------- ------- -------
Total fixed charges
................... 107,143 128,298 96,995 37,278 18,971 16,267
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Earnings (loss) before
income taxes,
extraordinary items,
cumulative effect of a
change in accounting
principle and fixed
charges ............... $123,853 $ (53,528) $145,636 $118,456 $73,534 $53,408
======== ========= ======== ======== ======= =======
Ratio of earnings to
fixed
charges................ 1.16 (a) 1.50 3.18 3.88 3.28
======== ========= ======== ======== ======= =======
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(a) Due to the Company's loss in 1999, the ratio coverage was less than 1:1.
The Company would have had to generate additional earnings of $182 million
to achieve coverage of 1:1.
