EX-12.1 2 a20110930ex121.htm 2011.09.30 EX 12.1


Exhibit 12.1

 
 
For the Fiscal Years Ended September 30,
 
 
2011
 
2010
 
2009
 
2008
 
2007
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
Net income
 
$
111,843

 
$
7,454

 
$
117,352

 
$
146,531

 
$
171,898

Fixed charges
 
130,402

 
133,737

 
132,691

 
128,861

 
126,975

Amortization of capitalized interest
 
2,229

 
2,231

 
2,214

 
2,031

 
2,641

Capitalized interest
 
—

 
(66
)
 
(1,062
)
 
(6,548
)
 
(1,673
)
Loss attributable to non-controlling interests
 
2,134

 
2,258

 
1,992

 
2,729

 
648

     Earnings
 
$
246,608

 
$
145,614

 
$
253,187

 
$
273,604

 
300,489

Interest expense, inclusive of accretion of bond discount and net of capitalized interest
 
$
110,560

 
$
109,578

 
$
101,407

 
$
88,962

 
$
90,528

Capitalized interest
 
—

 
66

 
1,062

 
6,548

 
1,673

Amortization of debt issuance costs
 
7,150

 
7,206

 
8,282

 
4,831

 
3,835

Interest portion of rental expense (1)
 
1,326

 
1,461

 
1,515

 
1,435

 
1,145

Accretion of discount to the relinquishment liability
 
11,366

 
15,426

 
20,425

 
27,085

 
29,794

     Fixed charges
 
$
130,402

 
$
133,737

 
$
132,691

 
$
128,861

 
$
126,975

Ratio of earnings to fixed charges (2)
 
1.89

 
1.09

 
1.91

 
2.12

 
2.37

 ________________________
(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.