Exhibit 12.1
Gaylord Entertainment Company
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges
2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expensed and Capitalized: | ||||||||||||||||||||
Interest Expense, net of Amounts Capitalized | 55,042 | 73,249 | 72,473 | 38,536 | 64,069 | |||||||||||||||
Capitalized Interest | 5,464 | 2,464 | 10,046 | 42,313 | 16,360 | |||||||||||||||
Total interest expensed and capitalized (includes amortization of deferred financing costs) | 60,506 | 75,713 | 82,519 | 80,849 | 80,429 | |||||||||||||||
Rent Expense | 13,441 | 12,980 | 15,035 | 15,019 | 15,313 | |||||||||||||||
% Rent assumed to be interest | 90.57 | % | 94.95 | % | 94.95 | % | 94.95 | % | 94.95 | % | ||||||||||
Interest component of rent | 12,174 | 12,325 | 14,276 | 14,261 | 14,540 | |||||||||||||||
Total Fixed Charges | 72,680 | 88,038 | 96,795 | 95,110 | 94,969 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Income from continuing operations before income taxes | (92,582 | ) | (40,902 | ) | 8,767 | 164,653 | 5,655 | |||||||||||||
Fixed Charges | 72,680 | 88,038 | 96,795 | 95,110 | 94,969 | |||||||||||||||
Amortization of Capitalized Interest | 1,622 | 1,832 | 1,847 | 1,872 | 3,112 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized Interest | (5,464 | ) | (2,464 | ) | (10,046 | ) | (42,313 | ) | (16,360 | ) | ||||||||||
Total Earnings | (23,744 | ) | 46,504 | 97,363 | 219,322 | 87,376 | ||||||||||||||
Ratio of Earnings to Fixed Charges | (0.33 | ) | 0.53 | 1.01 | 2.31 | 0.92 | ||||||||||||||
Ratio Disclosed | — | — | 1.01 | 2.31 | — | |||||||||||||||
Earnings Needed to Cover Fixed Charges | 96,424 | 41,534 | — | — | 7,593 |