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Exhibit 12.1
GAYLORD ENTERTAINMENT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
9 MONTHS 9 MONTHS
ENDED ENDED
SEPTEMBER 30 SEPTEMBER 30
1998 1999 2000 2001 2002 2002 2003
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EARNINGS:
Pre-tax income 50,846 581,765 (160,787) (19,307) 13,277 18,859 (36,460)
Fixed Charges 31,758 21,518 39,437 60,591 65,650 49,950 49,768
Amortization of Capitalized Interest 269 269 269 269 1,264 948 948
Distributed Income of equity investees -- -- -- -- -- -- --
Pre-tax losses of equity investees -- -- -- -- -- -- --
Minority Interest in pre-tax income of
subsidiaries that have not incurred
fixed charges -- -- -- -- -- -- --
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TOTAL EARNINGS 82,873 603,080 (127,856) 22,772 73,366 64,985 4,145
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FIXED CHARGES:
INTEREST EXPENSED AND CAPITALIZED:
Interest expense net of capitalization 30,031 16,101 30,307 39,365 46,960 36,289 31,139
Capitalized interest -- 472 6,775 18,781 6,825 4,772 10,111
Rent expense 5,234 5,460 2,600 2,700 13,100 9,815 9,405
% Rent assumed Interest 33.00% 90.57% 90.57% 90.57% 90.57% 90.57% 90.57%
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Interest component of rent 1,727 4,945 2,355 2,445 11,865 8,889 8,518
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TOTAL FIXED CHARGES 31,758 21,518 39,437 60,591 65,650 49,950 49,768
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EARNINGS TO FIXED CHARGES 2.61 28.03 -- -- 1.12 1.30 --
For the year 2000, 2001, and the 9 months ended September 30, 2003, earnings
were insufficent to cover fixed charges. The amount of earnings needed to cover
fixed charges were $167.3 million, $37.8 million, $45.6 million, respectively.