Exhibit 12.1
| For the Fiscal Years Ended September 30, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (in thousands, except ratios) | ||||||||||||||||||||
Net income | $ | 7,454 | $ | 117,352 | $ | 146,531 | $ | 171,898 | $ | 154,350 | ||||||||||
Fixed charges | 133,737 | 132,691 | 128,861 | 126,975 | 123,553 | |||||||||||||||
Amortization of capitalized interest | 2,110 | 2,263 | 1,287 | 1,945 | 3,186 | |||||||||||||||
Capitalized interest | (66 | ) | (1,062 | ) | (6,548 | ) | (1,673 | ) | (1,180 | ) | ||||||||||
Non-controlling interests | 2,258 | 1,992 | 2,729 | 648 | 420 | |||||||||||||||
Earnings | $ | 145,493 | $ | 253,236 | $ | 272,860 | $ | 299,793 | $ | 280,329 | ||||||||||
Interest expense, includes accretion of bond discount, net of capitalized interest | $ | 109,578 | $ | 101,407 | $ | 88,962 | $ | 90,528 | $ | 87,952 | ||||||||||
Capitalized interest | 66 | 1,062 | 6,548 | 1,673 | 1,180 | |||||||||||||||
Amortization of debt issuance costs | 7,206 | 8,282 | 4,831 | 3,835 | 2,976 | |||||||||||||||
Interest portion of rental expense (1) | 1,461 | 1,515 | 1,435 | 1,145 | 738 | |||||||||||||||
Accretion of discount to the relinquishment liability | 15,426 | 20,425 | 27,085 | 29,794 | 30,707 | |||||||||||||||
Total fixed charges | $ | 133,737 | $ | 132,691 | $ | 128,861 | $ | 126,975 | $ | 123,553 | ||||||||||
Ratio of earnings to fixed charges | 1.09 | 1.91 | 2.12 | 2.36 | 2.27 | |||||||||||||||
| (1) | A 10% factor was utilized to calculate the interest portion of rental expense, which the Authority believes to be a reasonable approximation. |