.
.
.
Exhibit 12.1
GAYLORD ENTERTAINMENT COMPANY
OTHER FINANCIAL DATA
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
Years Ended December 31, March 31,
----------------------------------------------------------------- ------------------
2000 2001 2002 2003 2004 2004 2005
----------------------------------------------------------------- ------------------
Fixed Charges:
INTEREST EXPENSED AND CAPITALIZED:
Interest expense net of capitalization 30,307 39,365 46,960 52,804 55,064 9,829 18,091
Capitalized interest 6,775 18,781 6,825 14,811 5,464 5,125 355
Total interest expensed and
capitalized (includes amortization
of deferred financing costs) 37,082 58,146 53,785 67,615 60,528 14,954 18,446
Rent Expense 2,600 2,700 13,100 13,595 22,260 5,305 6,189
% Rent assumed Interest 90.57% 90.57% 90.57% 90.57% 90.57% 90.57% 90.57%
--------------------------------------------------------------------------------------
Interest component of rent 2,355 2,445 11,865 12,313 20,162 4,805 5,606
--------------------------------------------------------------------------------------
TOTAL FIXED CHARGES 39,437 60,591 65,650 79,928 80,690 19,759 24,052
--------------------------------------------------------------------------------------
EARNINGS:
Add:
Pre-tax income (162,053) (19,692) 16,335 (55,874) (94,013) (29,828) (13,931)
Fixed Charges 39,437 60,591 65,650 79,928 80,690 19,759 24,052
Amortization of Capitalized Interest 269 269 1,264 1,264 1,622 249 458
Less:
Interest capitalized (6,775) (18,781) (6,825) (14,811) (5,464) (5,125) (355)
--------------------------------------------------------------------------------------
TOTAL EARNINGS (129,122) 22,387 76,424 10,507 (17,165) (14,945) 10,224
--------------------------------------------------------------------------------------
Earnings to Fixed Charges (3.27) 0.37 1.16 0.13 (0.21) (0.76) 0.43
RATIO DISCLOSED -- -- 1.16 -- -- -- --
For the years 2000, 2001, 2003, and 2004, as well as the three months ended
March 31, 2004 and 2005, 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 for the years ended December 31, 2000,
2001, 2003 and 2004, respectively, and $34.7 million and $13.8 million for the
three months ended March 31, 2004 and 2005, respectively.