EX-12.1 2 a20140930ex121.htm EXHIBIT 12.1 2014.09.30 EX 12.1


Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
 
 
For the Fiscal Years Ended September 30,
 
 
2014
 
2013
 
2012
 
2011
 
2010
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(20,996
)
 
$
47,542

 
$
61,241

 
$
111,843

 
$
7,454

Fixed charges
 
152,017

 
178,196

 
155,595

 
130,402

 
133,737

Amortization of capitalized interest
 
2,203

 
2,204

 
2,221

 
2,229

 
2,231

Capitalized interest
 
(735
)
 
(1,976
)
 
(34
)
 
—

 
(66
)
Loss attributable to non-controlling interests
 
380

 
2,784

 
2,019

 
2,134

 
2,258

     Earnings
 
$
132,869

 
$
228,750

 
$
221,042

 
$
246,608

 
145,614

Interest expense, net of capitalized interest and amortization of debt issuance costs and accretion of bond discounts
 
$
139,896

 
$
157,865

 
$
136,070

 
$
109,899

 
$
109,032

Capitalized interest
 
735

 
1,976

 
34

 
—

 
66

Amortization of debt issuance costs and accretion of bond discounts
 
8,037

 
12,285

 
9,987

 
7,811

 
7,752

Interest portion of rental expense (1)
 
1,144

 
1,096

 
1,256

 
1,326

 
1,461

Accretion of discount to the relinquishment liability
 
2,205

 
4,974

 
8,248

 
11,366

 
15,426

     Fixed charges
 
$
152,017

 
$
178,196

 
$
155,595

 
$
130,402

 
$
133,737

Ratio of earnings to fixed charges (2)
 
0.87

 
1.28

 
1.42

 
1.89

 
1.09

 ________________________
(1)
A 10% factor was utilized to calculate the interest portion of rental expense, which the Authority believes to be a reasonable approximation.
(2)
Pursuant to Item 503 of Regulation S-K.