EX-12.1 4 exhibit121fixedchargeratio.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Fixed Charge Ratio 2013
Exhibit 12.1

CEDAR FAIR, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($'s in thousands)

For the years ended December 31,
 
2013
 
2012
 
2011
 
2010 (1)
 
2009
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
 
$
103,071

 
$
110,619

 
$
157,185

 
$
150,285

 
$
124,706

 
Interest capitalized
 
1,610

 
1,322

 
1,835

 
1,343

 
1,617

 
Amortization of capitalized debt costs
 
6,130

 
10,417

 
10,000

 
5,671

 
5,887

 
Interest component of rental expense
 
3,142

 
2,970

 
2,419

 
2,327

 
2,378

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
113,953

 
$
125,328

 
$
171,439

 
$
159,626

 
$
134,588

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
108,204

 
$
101,857

 
$
65,296

 
$
(33,052
)
 
$
34,184

 
Add:
 
 
 
 
 
 
 
 
 
 
 
Income tax expense
 
20,243

 
31,757

 
7,877

 
2,670

 
14,570

 
Fixed charges
 
113,953

 
125,328

 
171,439

 
159,626

 
134,588

 
Amortization of capitalized interest
 
830

 
761

 
659

 
581

 
470

 
Less:
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(1,610
)
 
(1,322
)
 
(1,835
)
 
(1,343
)
 
(1,617
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total earnings
 
$
241,620

 
$
258,381

 
$
243,436

 
$
128,482

 
$
182,195

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of total earnings to total fixed charges
 
2.1x

 
2.1x

 
1.4x

 
0.8x

 
1.4x

Excess
 
 
127,667

 
133,053

 
71,997

 
(31,144
)
 
47,607


(1) Operating results for 2010 include a loss on debt extinguishment of $35.3 million and a non-cash charge of $62.0 million for the impairment of long-lived assets at Great America, the majority of which were originally recorded with the PPI acquisition.

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