EX-12.1 2 v066688_ex12-1.htm Unassociated Document
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
  
RATIO OF EARNINGS TO FIXED CHARGES
  
(AMOUNTS IN THOUSANDS)
  
                       
                       
                       
   
 Years Ended December 31,
  
   
2006
 
2005
 
2004
 
2003
 
2002
  
                       
                       
Earnings:
                      
Income from continuing operations before income taxes,
    
(44,453
)
  
(16,001
)
  
75,275
   
22,036
   
34,407
 
income or loss from equity investees and minority interest
                                
                                 
Fixed Charges
    
115,307
   
94,795
   
47,671
   
21,520
   
27,747
 
                                 
Amortization of capitalized interest
    
60
   
59
   
206
   
256
   
257
 
                                 
Total Earnings
    
70,914
   
78,853
   
123,152
   
43,812
   
62,411
 
                                 
Fixed Charges:
                                
Interest Expense
    
106,612
   
91,174
   
47,320
   
21,103
   
27,297
 
                                 
Interest capitalized
    
110
   
      
—
    
—
    
—
    
—
  
                                 
Estimated interest within rental expense
    
8,585
   
3,621
   
351
   
417
   
450
 
                                 
Total Fixed Charges
    
115,307
   
94,795
   
47,671
   
21,520
   
27,747
 
                                 
Ratio of earnings to fixed charges
    
—
(1)  
—
 (2)  
2.6
    
2.0
    
2.2
  
                                 
 
(1)
Fixed charges exceeded earnings by $44.4 million in 2006.
 
(2)
Fixed charges exceeded earnings by $15.9 million in 2005.