EX-12 5 ex-12.txt EXHIBIT 12 EXHIBIT 12 MANDALAY RESORT GROUP COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (AMOUNTS IN THOUSANDS)
THREE MONTHS YEARS ENDED JANUARY 31, ENDED APRIL 30, ---------------------------------------------------- ------------------- 1996 1997 1998 1999 2000 1999 2000 -------- -------- -------- -------- -------- -------- -------- Income before income tax and extraordinary loss......................................... 205,759 163,863 147,922 140,815 103,116 27,427 78,245 Equity earnings of less-than-fifty-percent-owned venture not distributed.................................. (6,336) (1,042) -- -- -- -- -- Fixed charges: Interest expense............................. 51,537 54,681 88,847 95,541 165,670 33,507 49,487 Proportionate share joint venture interest... 5,616 15,567 15,551 12,275 11,085 2,802 2,705 Rentals representing an interest factor ( 1/3 of operating rental expense)......... 1,138 1,290 1,070 1,151 9,329 1,093 8,086 ------- ------- ------- ------- ------- ------ ------- Earnings as defined............................ 257,714 234,359 253,390 249,782 289,200 64,829 138,523 ======= ======= ======= ======= ======= ====== ======= Fixed charges (including capitalized items): Interest expense............................. 51,537 54,681 88,847 95,541 165,670 33,507 49,487 Proportionate share joint venture interest... 5,616 15,567 15,551 12,275 11,085 2,802 2,705 Capitalized interest......................... 8,581 15,996 22,027 45,518 10,984 7,688 1,729 Rentals representing an interest factor...... 1,138 1,290 1,070 1,151 9,329 1,093 8,086 ------- ------- ------- ------- ------- ------ ------- Fixed charges as defined....................... 66,872 87,534 127,495 154,485 197,068 45,090 62,007 ======= ======= ======= ======= ======= ====== ======= Ratio of Earnings to Fixed Charges............. 3.85 2.68 1.99 1.62 1.47 1.44 2.23 ======= ======= ======= ======= ======= ====== =======