Exhibit 12.1

Vail Resorts, Inc. and Subsidiaries

Statement Re: Computation of Earnings to Fixed Charges

	Fiscal Year Ended July 31,
	2011			2010		2009		2008		2007
	(In 000’s, except ratios)
Earnings:
Income before provision for income taxes, adjusted for income or loss from equity investees	$	54,178		$	52,239	$	80,379	$	165,543	$	103,393
Add:
Amortization of capitalized interest	11,025			2,254		4,199		12,247		906
Income distributions from equity investments	1,024			3,248		1,733		2,295		5,778
Fixed charges	44,469			41,172		42,662		50,058		48,499
Less:
Net (loss) income attributable to noncontrolling interests	(67		)	5,390		1,602		4,920		7,801
Capitalized interest	600			16,284		7,661		13,395		9,311
Total earnings as defined	$	110,163		$	77,239	$	119,710	$	211,828	$	141,464
Fixed charges:
Interest expensed	$	31,935		$	15,885	$	25,507	$	28,197	$	30,717
Capitalized interest	600			16,284		7,661		13,395		9,311
Amortization of capitalized expenses related to indebtedness	1,706			1,630		2,041		2,468		1,907
Estimated interest portion of rent expense	10,228			7,373		7,453		5,998		6,564
Total fixed charges	$	44,469		$	41,172	$	42,662	$	50,058	$	48,499
Ratio of earnings to fixed charges (1)	2.48			1.88		2.81		4.23		2.92

(1) For purposes of computing the ratio of earnings to fixed charges, earnings are defined as pre-tax earnings before income or loss from equity investees plus amortization of capitalized interest, distributed income of equity investees, and fixed charges less capitalized interest and net income (loss) attributable to noncontrolling interests. Fixed charges consist of interest, whether capitalized or expensed, amortization of capitalized expenses related to indebtedness and the estimated interest portion of rent expense.