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Exhibit 12.1
GAYLORD ENTERTAINMENT COMPANY
OTHER FINANCIAL DATA
RATIO OF EARNINGS TO FIXED CHARGES
2000 2001 2002 2003 2004
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Fixed Charges:
INTEREST EXPENSED AND CAPITALIZED:
Interest expense net of capitalization 30,307 39,365 46,960 52,804 55,064
Capitalized interest 6,775 18,781 6,825 14,811 5,464
Total interest expensed and
capitalized (includes amortization
of deferred financing costs) 37,082 58,146 53,785 67,615 60,528
Rent Expense 2,600 2,700 13,100 13,595 22,260
% Rent assumed Interest 90.57% 90.57% 90.57% 90.57% 90.57%
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Interest component of rent 2,355 2,445 11,865 12,313 20,162
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TOTAL FIXED CHARGES 39,437 60,591 65,650 79,928 80,690
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EARNINGS:
Add:
Pre-tax income (162,053) (19,692) 16,335 (55,874) (94,013)
Fixed Charges 39,437 60,591 65,650 79,928 80,690
Amortization of Capitalized Interest 269 269 1,264 1,264 1,622
Less:
Interest capitalized (6,775) (18,781) (6,825) (14,811) (5,464)
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TOTAL EARNINGS (129,122) 22,387 76,424 10,507 (17,165)
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Earnings to Fixed Charges (3.27) 0.37 1.16 0.13 (0.21)
RATIO DISCLOSED -- -- 1.16 -- --
For the years 2000, 2001, 2003, and 2004, earnings were insufficent to cover
fixed charges.
The amount of earnings needed to cover fixed charges were $168.6 million, $38.2
million, $69.4 million, and $97.9 million, respectively.