EX-12.1 6 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

 

MOHEGAN TRIBAL GAMING AUTHORITY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Fiscal Year Ended September 30,

   For the Nine Months
Ended June 30,


 
     2002

    2001

    2000

     1999

    1998

   2003

    2002

 

Income (loss) from continuing operations

   $ 100,032     $ 214,532     $ 146,608      $ (38,108 )   $ 87,816    $ 65,100     $ 49,495  

Amortization of capitalized interest

     2,730       757       757        757       757      3,044       1,715  

Fixed charges

     127,670       93,477       74,926        81,417       52,020      92,630       92,892  

Capitalized interest

     (12,353 )     (40,715 )     (9,880 )      (534 )     —        —         (12,353 )
    


 


 


  


 

  


 


Earnings

   $ 218,079     $ 268,051     $ 212,411      $ 43,532     $ 140,593    $ 160,774     $ 131,749  
    


 


 


  


 

  


 


Interest expense on debt

   $ 71,579 (A)   $ 11,755 (A)   $ 37,799      $ 55,595     $ 50,172    $ 61,959 (A)   $ 48,458 (A)

Capitalized interest

     12,353       40,715       9,880        534       —        —         12,353  

Accretion of discount to the relinquishment liability

     36,333       35,833       23,053        22,014       —        25,194       27,250  

Amortization of debt issuance costs

     6,602       4,536       3,225        2,313       883      4,847       4,213  

Interest portion of rental expense (B)

     803       638       969        961       965      630       618  
    


 


 


  


 

  


 


Total fixed charges

   $ 127,670     $ 93,477     $ 74,926      $ 81,417     $ 52,020    $ 92,630     $ 92,892  
    


 


 


  


 

  


 


Ratio of earnings to fixed charges

     1.71       2.87       2.83        —   (C)     2.70      1.74       1.42  
    


 


 


  


 

  


 



(A)   Interest expense on debt excludes as a fixed charge the effects of changes in fair value of derivative instruments of ($1.5) million and $4.1 million for the fiscal years ended September 30, 2002 and 2001, and ($3.0) million and ($1.0) million for the nine months ended June 30, 2003 and 2002, respectively.
(B)   A factor of 10% was used to calculate the interest portion of rental expense, which we believe to be a reasonable approximation.
(C)   For the fiscal year ended September 30, 1999, earnings were inadequate to cover fixed charges. The deficiency of earnings available to cover fixed charges was $37.9 million.