EX-12.2 7 d163056dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

Gaming and Leisure Properties, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

     Year Ended December 31,  
     2015      2014      2013      2012 (2)      2011 (2)  
     (dollar amounts in thousands)  

Income from continuing operations before income taxes

      135,564         143,920         30,449         37,350         45,559   

Fixed charges (from below) (1)

      125,224         118,049         19,477         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings, as defined:

     260,788         261,969         49,926         37,350         45,559   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges:

               

Interest expense, including the amortization of debt issuance costs

      124,183         117,030         19,254         —           —     

Estimate of the interest within rental expense

      1,041         1,019         223         —        
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges before preferred stock dividends:

      125,224         118,049         19,477         —           —     

Preferred stock dividends

      —           —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total combined fixed charges and preferred stock dividends:

      125,224         118,049         19,477         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges and preferred stock dividends:

      2.08         2.22         2.56         N/A         N/A   

 

(1) For the purpose of computing GLPI’s ratio of earnings 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) GLPI was spun-off from Penn National Gaming, Inc. on November 1, 2013. The financial information for the years ended December 31, 2011 and 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.