EX-12.1 12 d662139dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

 

     For the Fiscal Years Ended September 30,  
     2013     2012     2011      2010     2009  
(in thousands, except ratios)                                

Net income

    $ 47,542     $ 61,241     $ 111,843      $ 7,454     $ 117,352  

Fixed charges

      178,196       155,595       130,402        133,737       132,691  

Amortization of capitalized interest

      2,204       2,221       2,229        2,231       2,214  

Capitalized interest

      (1,976 )     (34 )     —          (66 )     (1,062 ) 

Loss attributable to non-controlling interests

      2,784       2,019       2,134        2,258       1,992  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Earnings

    $ 228,750     $ 221,042     $ 246,608      $ 145,614       253,187  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Interest expense, net of capitalized interest and amortization of debt issuance costs and accretion of bond discounts

    $ 157,865     $ 136,070     $ 109,899      $ 109,032     $ 101,407  

Capitalized interest

      1,976       34       —          66       1,062  

Amortization of debt issuance costs and accretion of bond discounts

      12,285       9,987       7,811        7,752       8,282  

Interest portion of rental expense (1)

      1,096       1,256       1,326        1,461       1,515  

Accretion of discount to the relinquishment liability

      4,974       8,248       11,366        15,426       20,425  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Fixed charges

    $ 178,196     $ 155,595     $ 130,402      $ 133,737     $ 132,691  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges (2)

      1.28       1.42       1.89        1.09       1.91  

 

(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.