EXHIBIT 12.1
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS)
Years Ended December 31, | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
Earnings | |||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes, income or loss from equity investees and minority interest | $ | 64,076 | $ | (19,298 | ) | $ | (44,453 | ) | $ | (16,001 | ) | $ | 75,275 | $ | 22,036 | $ | 34,407 | ||||||||
Fixed Charges | 34,775 | 27,213 | 115,307 | 94,795 | 47,671 | 21,520 | 27,747 | ||||||||||||||||||
Amortization of capitalized interest | 15 | 15 | 60 | 59 | 206 | 256 | 257 | ||||||||||||||||||
Total Earnings | $ | 98,866 | $ | 7,930 | $ | 70,914 | $ | 78,853 | $ | 123,152 | $ | 43,812 | $ | 62,411 | |||||||||||
Fixed Charges: | |||||||||||||||||||||||||
Interest Expense | $ | 32,977 | $ | 25,155 | $ | 106,612 | $ | 91,174 | $ | 47,320 | $ | 21,103 | $ | 27,297 | |||||||||||
Interest capitalized | 21 | 6 | 110 | — | — | — | — | ||||||||||||||||||
Estimated interest within rental expense | 1,777 | 2,052 | 8,585 | 3,621 | 351 | 417 | 450 | ||||||||||||||||||
Total Fixed Charges | $ | 34,775 | $ | 27,213 | $ | 115,307 | $ | 94,795 | $ | 47,671 | $ | 21,520 | $ | 27,747 | |||||||||||
Ratio of earnings to fixed charges | 2.8 | — | (1) | — | (2) | — | (3) | 2.6 | 2.0 | 2.2 | |||||||||||||||
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(1) | Fixed charges exceeded earnings by $19.3 million for the first quarter of 2006. |
(2) | Fixed charges exceeded earnings by $44.4 million in 2006. |
(3) | Fixed charges exceeded earnings by $15.9 million in 2005. |