EX-12 6 y06341exv12.htm EX-12: STATEMENTS RE COMPUTATION OF RATIOS

EX-12

Exhibit 12

AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS)

		Years Ended December 31,
		2004				2003				2002				2001				2000
Income from continuing operations before income taxes, income or loss from equity investees and minority interest		$	96,129			$	60,145			$	74,923			$	71,169			$	77,502
Fixed Charges:
Interest Expense		$	46,099			$	21,103			$	27,297			$	36,577			$	20,057
Amortized capitalized expenses related to indebtness		$	2,400			$	320			$	191			$	178			$	222
Estimated interest within rental expense		$	128			$	122			$	124			$	103			$	100
Earnings as defined		$	144,756			$	81,690			$	102,535			$	108,027			$	97,881
Fixed Charges (including capitalized items):
Interest Expense		$	46,099			$	21,103			$	27,297			$	36,577			$	20,057
Amortized capitalized expenses related to indebtness		$	2,400			$	320			$	191			$	178			$	222
Estimated interest within rental expense		$	128			$	122			$	124			$	103			$	100
Fixed charges as defined		$	48,627			$	21,545			$	27,612			$	36,858			$	20,379
Ratio of earnings to fixed charges			3.0				3.8				3.7				2.9				4.8