Exhibit 12.1
MOHEGAN TRIBAL GAMING AUTHORITY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended September 30, | Six Months Ended March 31, | ||||||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 2005 | 2004 | |||||||||||||||||||
Income from continuing operations before minority interest | $ | 102,869 | $ | 95,685 | $ | 100,032 | $ | 214,532 | $ | 146,608 | $ | 62,368 | $ | 60,821 | |||||||||||
Amortization of capitalized interest | 3,966 | 4,059 | 2,730 | 757 | 757 | 1,983 | 1,983 | ||||||||||||||||||
Fixed charges | 109,569 | 120,939 | 127,378 | 93,476 | 74,926 | 55,493 | 55,012 | ||||||||||||||||||
Capitalized interest | — | — | (12,353 | ) | (40,715 | ) | (9,880 | ) | — | — | |||||||||||||||
Minority interest | 18 | — | — | — | — | 195 | — | ||||||||||||||||||
Earnings | $ | 216,422 | $ | 220,683 | $ | 217,787 | $ | 268,050 | $ | 212,411 | $ | 120,039 | $ | 117,816 | |||||||||||
Interest expense | $ | 73,049 | $ | 79,799 | (A) | $ | 71,287 | (A) | $ | 11,754 | (A) | $ | 37,799 | $ | 39,849 | $ | 36,229 | ||||||||
Capitalized interest | — | — | 12,353 | 40,715 | 9,880 | — | — | ||||||||||||||||||
Accretion of discount to the relinquishment liability | 29,939 | 33,592 | 36,333 | 35,833 | 23,053 | 13,733 | 14,970 | ||||||||||||||||||
Amortization of debt issuance costs | 5,921 | 6,687 | 6,602 | 4,536 | 3,225 | 1,603 | 3,440 | ||||||||||||||||||
Interest portion of rental expense (B) | 660 | 861 | 803 | 638 | 969 | 308 | 373 | ||||||||||||||||||
Total fixed charges | $ | 109,569 | $ | 120,939 | $ | 127,378 | $ | 93,476 | $ | 74,926 | $ | 55,493 | $ | 55,012 | |||||||||||
Ratio of earnings to fixed charges | 1.98 | 1.82 | 1.71 | 2.87 | 2.83 | 2.16 | 2.14 | ||||||||||||||||||
(A) | Interest expense on debt excludes as a fixed charge the effects of changes in fair value of derivative instruments of ($3.0) million, ($1.3) million and $4.1 million for the fiscal years ended September 30, 2003, 2002 and 2001, respectively. |
(B) | A factor of 10% was used to calculate interest portion of rental expense, which we believe to be a reasonable approximation. |