Exhibit 12.1
For the Fiscal Years Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||
Net income | $ | 47,542 | $ | 61,241 | $ | 111,843 | $ | 7,454 | $ | 117,352 | ||||||||||
Fixed charges | 178,196 | 155,595 | 130,402 | 133,737 | 132,691 | |||||||||||||||
Amortization of capitalized interest | 2,204 | 2,221 | 2,229 | 2,231 | 2,214 | |||||||||||||||
Capitalized interest | (1,976 | ) | (34 | ) | — | (66 | ) | (1,062 | ) | |||||||||||
Loss attributable to non-controlling interests | 2,784 | 2,019 | 2,134 | 2,258 | 1,992 | |||||||||||||||
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Earnings | $ | 228,750 | $ | 221,042 | $ | 246,608 | $ | 145,614 | 253,187 | |||||||||||
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Interest expense, net of capitalized interest and amortization of debt issuance costs and accretion of bond discounts | $ | 157,865 | $ | 136,070 | $ | 109,899 | $ | 109,032 | $ | 101,407 | ||||||||||
Capitalized interest | 1,976 | 34 | — | 66 | 1,062 | |||||||||||||||
Amortization of debt issuance costs and accretion of bond discounts | 12,285 | 9,987 | 7,811 | 7,752 | 8,282 | |||||||||||||||
Interest portion of rental expense (1) | 1,096 | 1,256 | 1,326 | 1,461 | 1,515 | |||||||||||||||
Accretion of discount to the relinquishment liability | 4,974 | 8,248 | 11,366 | 15,426 | 20,425 | |||||||||||||||
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Fixed charges | $ | 178,196 | $ | 155,595 | $ | 130,402 | $ | 133,737 | $ | 132,691 | ||||||||||
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Ratio of earnings to fixed charges (2) | 1.28 | 1.42 | 1.89 | 1.09 | 1.91 |
(1) | A 10% factor was utilized to calculate the interest portion of rental expense, which the Authority believes to be a reasonable approximation. |
(2) | Pursuant to Item 503 of Regulation S-K. |