EXHIBIT 12.1
Vail Resorts, Inc.
Computation of Ratio of Earnings to Fixed Charges
Pro Forma Fiscal Fiscal
Fiscal Year Ten Months Year
Ended Ended Ended
July 31, Fiscal Year Ended July 31, July 31, September 30,
2001 2001 2000 1999 1998 1997
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Fixed charges:
Interest on long-term
debt 40,298 32,034 35,108 25,099 17,789 20,308
Capitalized interest 1,300 1,300 1,100 200 -- --
Interest component of
rental expense 7,626 7,626 6,693 3,830 449 435
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Total 49,224 40,960 42,901 29,129 18,238 20,743
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Earnings (before fixed
charges and income
taxes):
Income before income
taxes 24,716 32,980 27,195 20,794 70,164 33,683
Fixed Charges as above 47,924 39,660 41,801 28,929 18,238 20,743
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Total 72,640 72,640 68,996 49,723 88,402 54,426
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Ratio of earnings to
fixed charges 1.48 1.77 1.61 1.71 4.85 2.62