EX-12.1 2 exhibit12ratiotofixedcharg.htm RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT Exhibit 12 Ratio to Fixed Charges


 
Exhibit 12
 
 
 
 
 
 
 
 
 
 
Boyd Gaming Corporation
 
 
 
 
 
 
 
 
 
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
(In millions, except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
Income/(loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates
$
(1,143,847
)
 
$
(6,278
)
 
$
12,340

 
$
(66,809
)
 
$
(305,892
)
 
Add:
 
 
 
 
 
 
 
 
 
 
    Fixed charges
300,471

 
254,867

 
184,862

 
153,181

 
154,347

 
   Distributed income of equity investees

 

 
1,910

 
60,136

 
19,579

 
Subtract:
 
 
 
 
 
 
 
 
 
 
   Interest capitalized
(700
)
 
(354
)
 

 
(378
)
 
(37,667
)
 
         Earnings/(losses), as defined (1)
$
(844,076
)
 
$
248,235

 
$
199,112

 
$
146,130

 
$
(169,633
)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed, net of interest capitalized
$
290,004

 
$
250,731

 
$
180,558

 
$
146,830

 
$
110,146

 
Interest capitalized
700

 
354

 

 
378

 
37,667

 
Interest component of rental expense
9,767

 
3,782

 
4,304

 
5,973

 
6,534

 
Dividend requirements on preferential securities

 

 

 

 

 
         Fixed Charges (2)
$
300,471

 
$
254,867

 
$
184,862

 
$
153,181

 
$
154,347

 
 
 
 
 
 
 
 
 
 
 
 
         Ratio of earnings to fixed charges
 
 
 
 
1.1x
 
 
 
 
 
         Deficiency of earnings to fixed charges
(1,144,547
)
 
(6,632
)
 

 
(7,051
)
 
(323,980
)
 
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of computing this ratio, "earnings" consist of income before income taxes and income/(loss) from unconsolidated affiliates, plus fixed charges (excluding capitalized interest) and distributed income of equity investees. Current year amortization of previously capitalized interest is not included as these amounts are not material.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) For purposes of computing this ratio, "fixed charges" include interest whether expensed or capitalized, amortization of debt expense, discount, or premium related to indebtedness (included in interest expense), and such portion of rental expense that we deem to be a reasonable representation of the interest factor.