Medallion California Properties S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends

(In thousands, except ratios)

	Years Ended December 31,
	2008			2007		2006		2005			2004
Earnings
Pre-tax (loss) income	$	(533,005	)	$	86,035	$	189,098	$	(25,697	)	$	9,246
Fixed charges		156,713			133,474		89,086		25,795			3,269
Total earnings	$	(376,292	)	$	219,509	$	278,184	$	98		$	12,515
Fixed charges
Interest expense and amortization of finance costs	$	155,361		$	132,264	$	88,414	$	25,551		$	3,178
Rental expense representative of interest factor		1,352			1,210		672		244			91
Total fixed charges	$	156,713		$	133,474	$	89,086	$	25,795		$	3,269
Ratio of earnings to fixed charges		—	(1)		1.6		3.1		—	(2)		3.8
Total fixed charges	$	156,713		$	133,474	$	89,086	$	25,795		$	3,269
Pre-tax preferred dividend requirements		—			—		352		680			507
Total fixed charges plus preference dividends	$	156,713		$	133,474	$	89,438	$	26,475		$	3,776
Ratio of earnings to combined fixed charges and preference dividends		—	(1)		1.6		3.1		—	(3)		3.3

(1) Due to the Company’s loss in 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $533.0 million to achieve a coverage ratio of 1:1.

(2) Due to the Company’s loss in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $25.7 million to achieve a coverage ratio of 1:1.

(3) Due to the Company’s loss in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $26.4 million to achieve a coverage ratio of 1:1.