EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS
SPEEDWAY MOTORSPORTS, INC.
ACTUAL AND PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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1994 1995 1996 1997 1998
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ACTUAL RATIOS OF EARNINGS TO FIXED CHARGES
Income (loss) from continuing operations before
income taxes .................................... 18,525 33,290 43,057 64,061 70,017
Less: (Income) loss in operations of equity method
investee ........................................ -- (233) (371) 97 (26)
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Adjusted income (loss) from continuing operations
before income taxes ............................. 18,525 33,057 42,686 64,158 69,991
Fixed charges, excluding capitalized amounts:
Interest expense ................................ 4,282 917 693 7,745 15,258
Amortization of financing costs ................. 101 24 0 398 1,578
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Earnings as defined ............................... 22,908 33,998 43,379 72,301 86,827
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Fixed charges
Interest expense ................................ 4,282 917 693 7,745 15,258
Capitalized interest ............................ -- -- 2,834 5,768 3,846
Amortization of financing costs ................. 101 24 239 748 1,758
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Fixed charges ..................................... 4,383 941 3,766 14,261 20,862
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Ratio of earnings to fixed charges(1).............. 5.2 36.1 11.5 5.1 4.2
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THREE MONTHS
ENDED MARCH 31,
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1998 1999
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ACTUAL RATIOS OF EARNINGS TO FIXED CHARGES
Income (loss) from continuing operations before
income taxes .................................... (4,851) 3,473
Less: (Income) loss in operations of equity method
investee ........................................ 30 30
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Adjusted income (loss) from continuing operations
before income taxes ............................. (4,821) 3,503
Fixed charges, excluding capitalized amounts:
Interest expense ................................ 3,408 6,786
Amortization of financing costs ................. 251 2,514
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Earnings as defined ............................... (1,162) 12,803
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Fixed charges
Interest expense ................................ 3,408 6,786
Capitalized interest ............................ 905 943
Amortization of financing costs ................. 251 2,514
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Fixed charges ..................................... 4,564 10,243
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Ratio of earnings to fixed charges ................ -- 1.2
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YEAR ENDED THREE MONTHS
DECEMBER 31, ENDED MARCH 31,
1998 1999
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PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
Pro forma adjusted income from continuing operations before
income taxes ...................................................... 67,634 5,076
Pro forma fixed charges, excluding capitalized amounts:
Interest expense .................................................. 27,378 7,245
Amortization of financing costs ................................... 1,750 482
Pro forma income as defined ........................................ 96,762 12,803
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Pro forma fixed charges:
Interest expense .................................................. 27,378 7,245
Capitalized interest .............................................. 6,018 1,023
Amoritzation of financing costs ................................... 1,930 482
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Pro forma fixed charges ............................................ 35,326 8,750
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Pro forma ratio of earnings to fixed charges ....................... 2.7 1.5
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(1) Earnings were insufficient to cover fixed charges by $4.9 million for the
three months ended March 31, 1998.