EX-12.1 7 a2220393zex-12_1.htm EX-12.1

Exhibit 12.1

 

Gaming and Leisure Properties, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In Thousands, Except Ratio)

 

 

 

For the Three
Months Ended
March 31, 2014

 

For the Year Ended
December 31,
2013(3)

 

For the Year Ended
December 31,
2012

 

For the Year Ended
December 31,
2011

 

For the Year Ended
December 31,
2010

 

For the Year Ended
December 31,
2009

 

Income from continuing operations before income taxes

 

45,906

 

37,126

 

37,350

 

45,559

 

26,257

 

33,382

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (from below)

 

29,226

 

19,477

 

—

 

—

 

—

 

—

 

Earnings, as defined:

 

75,132

 

56,603

 

37,350

 

45,559

 

26,257

 

33,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

28,974

 

19,254

 

—

 

—

 

—

 

—

 

Estimate of the interest within rental expense

 

252

 

223

 

—

 

 

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

29,226

 

19,477

 

—

 

 

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges:

 

2.57

 

2.91

 

N/A

(2)

N/A

(2)

N/A

(2)

N/A

(2)

 

(1)                   For the purpose of computing our ratio of earning to fixed charges, “earnings” is the amount resulting from adding: (a) pre-tax income from continuing operations; and (b) fixed charges. “Fixed charges” is the amount equal to the sum of: (a) interest expensed; (b) amortization of capitalized expenses related to indebtedness; and (c) an estimate of the interest within rental expense.

 

(2)                   Not applicable. GLPI was spun-off from Penn on November 1, 2013. The financial information from 2009 through 2012 sets forth the historical operations of Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc., which were acquired by a subsidiary of GLPI as part of the Spin-Off. There were no fixed charges in these periods.

 

(3)                   GLPI was spun-off from Penn on November 1, 2013. The information used to calculate the 2013 ratio is based on the historical operations of Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc., which were acquired by a subsidiary of GLPI as part of the Spin-Off, through November 1, 2013, and the combined post Spin-off company thereafter.