Mohegan Tribal Gaming Authority 10-K2016 FY Annual report

Filed: 22 Dec 17, 12:00am

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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES



	For the Fiscal Years Ended September 30,
	2017			2016			2015		2014			2013
(in thousands, except ratios)
Net income (loss)	$	76,417		$	133,077		$	92,139	$	(24,558	)	$	47,542
Fixed charges	120,178			137,076			145,022		152,017			178,196
Amortization of capitalized interest	2,243			2,301			2,302		2,203			2,204
Capitalized interest	(189		)	—			—		(735		)	(1,976		)
(Income) loss attributable to non-controlling interests	(972		)	(427		)	2,255		380			2,784
Earnings	$	197,677		$	272,027		$	241,718	$	129,307		228,750
Interest expense, net of capitalized interest and amortization of debt issuance costs, premiums and discounts	$	107,127		$	126,174		$	136,105	$	139,896		$	157,865
Capitalized interest	189			—			—		735			1,976
Amortization of debt issuance costs, premiums and discounts	7,192			10,020			7,771		8,037			12,285
Interest portion of rental expense (1)	1,830			882			919		1,144			1,096
Accretion of discounts to the redemption and relinquishment liabilities	3,840			—			227		2,205			4,974
Fixed charges	$	120,178		$	137,076		$	145,022	$	152,017		$	178,196
Ratio of earnings to fixed charges (2) (3)	1.64			1.98			1.67		0.85			1.28

________________________


(1)	A 10% factor was utilized to calculate the interest portion of rental expense, which MGE believes to be a reasonable approximation.


(2)	Pursuant to Item 503 of Regulation S-K.


(3)	Earnings for the fiscal year ended September 30, 2014 were inadequate to cover fixed charges. The coverage deficiency was approximately $23.0 million.