Exhibit 12.1
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS)
| March 31, | Years Ended December 31, | ||||||||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||
| Income from continuing operations before income taxes, income or loss from equity investees and minority interest | $ | 48,366 | $ | 96,129 | $ | 60,145 | $ | 74,923 | $ | 71,169 | $ | 77,502 | |||||||||||||
| Fixed Charges: | |||||||||||||||||||||||||
| Interest Expense | $ | 19,161 | $ | 46,099 | $ | 21,103 | $ | 27,297 | $ | 36,577 | $ | 20,057 | |||||||||||||
| Amortized capitalized expenses related to indebtness | $ | 881 | $ | 2,400 | $ | 320 | $ | 191 | $ | 178 | $ | 222 | |||||||||||||
| Estimated interest within rental expense | $ | 32 | $ | 128 | $ | 122 | $ | 124 | $ | 103 | $ | 100 | |||||||||||||
| Earnings as defined | $ | 68,440 | $ | 144,756 | $ | 81,690 | $ | 102,535 | $ | 108,027 | $ | 97,881 | |||||||||||||
| Fixed Charges (including capitalized items): | |||||||||||||||||||||||||
| Interest Expense | $ | 19,161 | $ | 46,099 | $ | 21,103 | $ | 27,297 | $ | 36,577 | $ | 20,057 | |||||||||||||
| Amortized capitalized expenses related to indebtness | $ | 881 | $ | 2,400 | $ | 320 | $ | 191 | $ | 178 | $ | 222 | |||||||||||||
| Estimated interest within rental expense | $ | 32 | $ | 128 | $ | 122 | $ | 124 | $ | 103 | $ | 100 | |||||||||||||
| Fixed charges as defined | $ | 20,074 | $ | 48,627 | $ | 21,545 | $ | 27,612 | $ | 36,858 | $ | 20,379 | |||||||||||||
| Ratio of earnings to fixed charges | 3.4 | 3.0 | 3.8 | 3.7 | 2.9 | 4.8 | |||||||||||||||||||
