Great Wolf Resorts, Inc.
Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges and Ratio of Fixed Charges and Preferred Stock Dividends to Earnings
Amounts in thousands
Computation of Ratio of Earnings to Fixed Charges and Ratio of Fixed Charges and Preferred Stock Dividends to Earnings | ||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||
Add: | Pre-tax income/loss from continuing operations before adjustment for noncontrolling interest or income/loss from equity investees | $ | (11,425 | ) | $ | (21,755 | ) | $ | (25,220 | ) | $ | (55,390 | ) | $ | (27,863 | ) | $ | (45,378 | ) | |||||||
Fixed charges | 26,155 | 16,770 | 53,095 | 53,983 | 41,749 | 33,861 | ||||||||||||||||||||
Amortization of capitalized interest | 2,565 | 1,336 | 4,081 | 4,095 | 4,355 | 3,336 | ||||||||||||||||||||
distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||||
your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||||
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17,295 | (3,649 | ) | 31,956 | 2,688 | 18,241 | (8,181 | ) | |||||||||||||||||||
Less: | Interest capitalized | — | — | — | — | 1,761 | 4,714 | |||||||||||||||||||
preference security dividend requirements of consolidated subs | — | — | — | — | — | — | ||||||||||||||||||||
Noncontrolling interest in pre-tax loss of subsidiaries that have not incurred fixed charges | (90 | ) | (15 | ) | (19 | ) | (9 | ) | — | — | ||||||||||||||||
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(90 | ) | (15 | ) | (19 | ) | (9 | ) | 1,761 | 4,714 | |||||||||||||||||
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Total Earnings | $ | 17,385 | $ | (3,634 | ) | $ | 31,975 | $ | 2,697 | $ | 16,480 | $ | (12,895 | ) | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||
Interest expensed | $ | 26,126 | $ | 16,016 | $ | 47,902 | $ | 45,540 | $ | 33,304 | $ | 26,645 | ||||||||||||||
Interest capitalized | — | — | — | — | 1,761 | 4,714 | ||||||||||||||||||||
Amortized premiums/discounts | — | — | — | — | — | — | ||||||||||||||||||||
Amortized capitalized expense related to indebtedness | 29 | 754 | 5,193 | 8,443 | 6,684 | 2,502 | ||||||||||||||||||||
Estimate of the interest within rental expense | — | — | — | — | — | — | ||||||||||||||||||||
Preference security dividend requirements of consolidated subs | — | — | — | — | — | — | ||||||||||||||||||||
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Total Fixed Charges | $ | 26,155 | $ | 16,770 | $ | 53,095 | $ | 53,983 | $ | 41,749 | $ | 33,861 | ||||||||||||||
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Preferred Stock Dividends | — | — | — | — | — | — | ||||||||||||||||||||
Ratio of earnings to fixed charges (1) | 0.66 | (0.22 | ) | 0.60 | 0.05 | 0.39 | (0.38 | ) | ||||||||||||||||||
Ratio of fixed charges and preferred stock dividends to earnings (1) | 1.50 | (4.61 | ) | 1.66 | 20.01 | 2.53 | (2.63 | ) | ||||||||||||||||||
(1) Fixed charges in excess of earnings | $ | 8,770 | $ | 20,404 | $ | 21,120 | $ | 51,286 | $ | 25,269 | $ | 46,756 |