EX-12.1 2 v077571_ex12-1.htm
EXHIBIT 12.1

 
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS)
 
 
               
Years Ended December 31,
  
       
Three Months Ended
March 31,
                      
 
 
 
 
2007
 
2006
 
2006
 
2005
  
2004
  
2003
  
 2002
  
Earnings
                                        
Income (loss) from continuing operations before income taxes, income or loss from equity investees and minority interest
        
$
64,076
  
$
 (19,298 )
$
(44,453
)
$
(16,001
)
$
75,275
 
$
22,036
 
$
34,407
 
Fixed Charges
           34,775     27,213    
115,307
   
94,795
   
47,671
   
21,520
   
27,747
 
Amortization of capitalized interest
           15     15    
60
   
59
   
206
   
256
   
257
 
Total Earnings
        
$
 98,866  
$
 7,930  
$
70,914
 
$
78,853
 
$
123,152
 
$
43,812
 
$
62,411
 
Fixed Charges:
                                        
Interest Expense
        
$
 32,977  
$
 25,155  
$
106,612
 
$
91,174
 
$
47,320
 
$
21,103
 
$
27,297
 
Interest capitalized
           21     6    
110
   
—
    
—
    
—
    
—
  
Estimated interest within rental expense
           1,777   2,052    
8,585
   
3,621
   
351
   
417
   
450
 
Total Fixed Charges
        
$
 34,775  
$
 27,213  
$
115,307
 
$
94,795
 
$
47,671
 
$
21,520
 
$
27,747
 
Ratio of earnings to fixed charges
           2.8    
—
(1)  
—
(2)   
—
 (3)  
2.6
    
2.0
    
2.2
  
 
                                        
——————
(1)
Fixed charges exceeded earnings by $19.3 million for the first quarter of 2006.
(2)
Fixed charges exceeded earnings by $44.4 million in 2006.
(3) Fixed charges exceeded earnings by $15.9 million in 2005.