Exhibit 12.1
The following table sets
forth Magna Entertainment
Corp.'s earnings to fixed
charges ratio:
Earnings to Fixed Charges Ratio
------------------------------------------------------------------------------------
Six Months Six Months Year ended Year ended
Ended June 30, 2003 Ended June 30, 2002 December 31, 2002 December 31, 2001
------------------------------------------------------------------------------------
Part I - Earnings
Pretax income 22,800 33,498 (22,990) 22,813
Add:
Fixed Charges
Interest expense - not income 5,542 2,423 7,099 6,930
Amortization of debt issue costs
and discount or premium relating to
indebtedness 861 254 1,042 106
Interest portion of rental expense 152 136 272 247
Preferred stock dividends 0
Fixed Charges reduced by:
Interest capitalized during the period 2,308 1,109 2,726 1,657
Preferred stock dividends 0
Amortization related to capitalized interest 0
--------------------------------------------------------------------------------
27,047 35,202 (17,303) 28,439
================================================================================
Part II - Fixed Charges
Interest Expense - not income 5,542 2,423 7,099 6,930
Amortization of debt issue costs
and discount or premium relating to
indebtedness 861 254 1,042 106
Interest portion of rental expense 152 136 272 247
Preferred stock dividends - - - 0
--------------------------------------------------------------------------------
6,555 2,813 8,413 7,283
================================================================================
Fixed charge coverage 4.13 12.51 (2.06) 3.90
================================================================================
Earnings to Fixed Charges Ratio
---------------------------------------------------------------------------
Year Ended Year ended 5 months ended Year ended
December 31, 2000 December 31, 1999 December 31, 1998 July 31, 1998
---------------------------------------------------------------------------
Part I - Earnings
Pretax income 1,553 2,773 (4,408) (8,610)
Add:
Fixed Charges
Interest expense - not income 3,263 2,009 1,426 2,007
Amortization of debt issue costs
and discount or premium relating to
indebtedness 3 0 0 0
Interest portion of rental expense 223 57 1 3
Preferred stock dividends 0 0 0 0
Fixed Charges reduced by:
Interest capitalized during the period 0 343 190 608
Preferred stock dividends 0 0 0 0
Amortization related to capitalized interes 0 0 0 0
---------------------------------------------------------------------------
5,042 4,496 (3,171) (7,208)
===========================================================================
Part II - Fixed Charges
Interest Expense - not income 3,263 2,009 1,426 2,007
Amortization of debt issue costs
and discount or premium relating to
indebtedness 3 0 0 0
Interest portion of rental expense 223 57 1 3
Preferred stock dividends 0 0 0 0
---------------------------------------------------------------------------
3,489 2,066 1,427 2,010
===========================================================================
Fixed charge coverage 1.45 2.18 (2.22) (3.59)
===========================================================================