Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MOHEGAN TRIBAL GAMING AUTHORITY | d8k.htm |
| EX-99.1 - EXHIBIT 99.1 - MOHEGAN TRIBAL GAMING AUTHORITY | dex991.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| For the fiscal years ended September 30, | |||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
| (in thousands, except ratios) | |||||||||||||||||||
| Income from continuing operations before minority interests |
$ | 146,531 | $ | 171,898 | $ | 154,350 | $ | 22,925 | $ | 102,869 | |||||||||
| Fixed charges |
128,861 | 126,975 | 123,553 | 116,134 | 109,569 | ||||||||||||||
| Amortization of capitalized interest |
1,287 | 1,945 | 3,186 | 3,276 | 3,276 | ||||||||||||||
| Capitalized interest |
(6,548 | ) | (1,673 | ) | (1,180 | ) | (21 | ) | — | ||||||||||
| Minority interests |
2,729 | 648 | 420 | 514 | 18 | ||||||||||||||
| Earnings |
$ | 272,860 | $ | 299,793 | $ | 280,329 | $ | 142,828 | $ | 215,732 | |||||||||
| Interest expense, net of capitalized interest |
$ | 88,962 | $ | 90,528 | $ | 87,952 | $ | 84,905 | $ | 73,049 | |||||||||
| Capitalized interest |
6,548 | 1,673 | 1,180 | 21 | — | ||||||||||||||
| Amortization of debt issuance costs |
4,831 | 3,835 | 2,976 | 3,106 | 5,921 | ||||||||||||||
| Interest portion of rental expense(1) |
1,435 | 1,145 | 738 | 636 | 660 | ||||||||||||||
| Accretion of discount to the relinquishment liability |
27,085 | 29,794 | 30,707 | 27,466 | 29,939 | ||||||||||||||
| Total fixed charges |
$ | 128,861 | $ | 126,975 | $ | 123,553 | $ | 116,134 | $ | 109,569 | |||||||||
| Ratio of earnings to fixed charges |
2.12 | 2.36 | 2.27 | 1.23 | 1.97 | ||||||||||||||
| (1) | A 10.0% factor was utilized to calculate the interest portion of rental expense, which the Authority believes to be a reasonable approximation. |