EX-12.0 2 ex120ratioofearningstofixe.htm EXHIBIT - RATIO OF EARNINGS TO FIXED CHARGES EX 12.0 Ratio of Earnings to Fixed Charges MDFC


Marina District Finance Company
 
 
 
 
 
 
 
Exhibit 12.0
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Income/(loss) from continuing operations before income taxes
 
$
(26,444
)
 
$
10,143

 
$
49,494

 
$
119,179

 
$
86,259

Add:
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
88,002

 
89,372

 
53,994

 
30,348

 
42,428

Subtract:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(500
)
 
(400
)
 
—

 
—

 
(8,800
)
Earnings available for fixed charges
 
$
61,058

 
$
99,115

 
$
103,488

 
$
149,527

 
$
119,887

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expensed, net of interest capitalized
 
$
82,902

 
$
84,772

 
$
50,199

 
$
27,668

 
$
29,049

Interest capitalized
 
500

 
400

 
—

 
—

 
8,800

Interest component of rental expense
 
4,600

 
4,200

 
3,795

 
2,680

 
4,579

Fixed Charges (1)
 
$
88,002

 
$
89,372

 
$
53,994

 
$
30,348

 
$
42,428

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
—

 
1.1

 
1.9

 
4.9

 
2.8

Deficiency of earnings to fixed charges
 
(26,944
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of computing this ratio, "fixed charges" include interest expense whether expensed or capitalized, amortization of debt expenses, discount, or premium related to the indebtedness, and such portion of rental expense that we deem to be a reasonable representation of the interest factor.