EX-12 3 dex12.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Calculation of ratio of earnings to fixed charges

Exhibit 12

Cedar Fair Entertainment Company

Statement of Ratios of Earnings to Fixed Charges

(in thousands, except ratios)

 

     9 months
ended
9/27/2009
    Year ended December 31,  
     2008     2007     2006     2005     2004  

Fixed charges:

            

Interest expensed

   $ 90,994      $ 129,561      $ 145,568      $ 88,294      $ 26,205      $ 25,263   

Interest capitalized

     1,104        1,623        1,467        1,158        602        1,214   

Amortization of capitalized debt costs

     4,018        5,175        5,257        2,761        -        -   

Interest component of rental expense

     1,903        2,510        2,561        1,892        975        945   
                                                

Total fixed charges

   $ 98,019      $ 138,869      $ 154,853      $ 94,105      $ 27,782      $ 27,422   
                                                

Earnings:

            

Net income (loss)

   $ 61,721      $ 5,706      $ (4,491   $ 87,477      $ 160,852      $ 78,315   

Add:

            

Income tax expense

     48,265        (935     14,229        39,087        (49,276     18,715   

Fixed charges

     98,019        138,869        154,853        94,105        27,782        27,422   

Amortization of capitalized interest

     470        432        359        290        250        191   

Less:

            

Interest capitalized

     (1,104     (1,623     (1,467     (1,158     (602     (1,214
                                                

Total earnings

   $ 207,371      $ 142,449      $ 163,483      $ 219,801      $ 139,006      $ 123,429   
                                                

Ratio of total earnings to total fixed charges (1)

     2.1        1.0        1.1        2.3        5.0        4.5   
                                                

 

(1) Earnings available to cover fixed charges consist of income before income taxes, amortization of capitalized interest and fixed charges, less interest capitalized. Fixed charges consist of interest expensed and capitalized, the amortization of capitalized debt costs, and the portion of rental expense estimated to represent interest. The Partnership determined that 1/3 of rent expense represents a reasonable approximation of the interest factor.