EX-12.1 14 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

Exhibit 12.1

 

MOHEGAN TRIBAL GAMING AUTHORITY

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

     Fiscal Year Ended September 30,
     Six Months Ended
March 31,
     2004
    2003
     2002
     2001
     2000
     2005
    2004

Income from continuing operations before minority interest

    $ 102,869    $ 95,685     $ 100,032     $ 214,532     $ 146,608     $ 62,368    $ 60,821

Amortization of capitalized interest

      3,966      4,059       2,730       757       757       1,983      1,983

Fixed charges

      109,569      120,939       127,378       93,476       74,926       55,493      55,012

Capitalized interest

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

Minority interest

      18      —         —         —         —         195      —  
    
  
 
 
 
 
  

Earnings

    $ 216,422    $ 220,683     $ 217,787     $ 268,050     $ 212,411     $ 120,039    $ 117,816
    
  
 
 
 
 
  

Interest expense

    $ 73,049    $ 79,799 (A)   $ 71,287 (A)   $ 11,754  (A)   $ 37,799     $ 39,849    $ 36,229

Capitalized interest

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

Accretion of discount to the relinquishment liability

      29,939      33,592       36,333       35,833       23,053       13,733      14,970

Amortization of debt issuance costs

      5,921      6,687       6,602       4,536       3,225       1,603      3,440

Interest portion of rental expense (B)

      660      861       803       638       969       308      373
    
  
 
 
 
 
  

Total fixed charges

    $ 109,569    $ 120,939     $ 127,378     $ 93,476     $ 74,926     $ 55,493    $ 55,012
    
  
 
 
 
 
  

Ratio of earnings to fixed charges

      1.98      1.82       1.71       2.87       2.83       2.16      2.14
    
  
 
 
 
 
  

 

(A) Interest expense on debt excludes as a fixed charge the effects of changes in fair value of derivative instruments of ($3.0) million, ($1.3) million and $4.1 million for the fiscal years ended September 30, 2003, 2002 and 2001, respectively.

 

(B) A factor of 10% was used to calculate interest portion of rental expense, which we believe to be a reasonable approximation.