EX-12 2 exhibit12ratiotofixedcharg.htm EXHIBIT 12 ROETFC Exhibit


Exhibit 12
 
 
 
 
 
 
 
 
 
Boyd Gaming Corporation
 
 
 
 
 
 
 
 
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(In thousands, except ratio amounts)
2015
 
2014
 
2013
 
2012
 
2011
Income/(loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates
$
4,061

 
$
(42,202
)
 
$
(115,994
)
 
$
(1,139,235
)
 
$
(10,400
)
Add:
 
 
 
 
 
 
 
 
 
    Fixed charges
234,380

 
296,831

 
358,305

 
300,471

 
254,867

Distributed income of equity investees
14,095

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
   Interest capitalized
(136
)
 
(1,232
)
 
(1,108
)
 
(700
)
 
(354
)
         Earnings/(losses), as defined (1)
$
252,400

 
$
253,397

 
$
241,203

 
$
(839,464
)
 
$
244,113

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expensed, net of interest capitalized
$
224,590

 
$
283,387

 
$
344,330

 
$
290,004

 
$
250,731

Interest capitalized
136

 
1,232

 
1,108

 
700

 
354

Interest component of rental expense
9,654

 
12,212

 
12,867

 
9,767

 
3,782

         Fixed Charges (2)
$
234,380

 
$
296,831

 
$
358,305

 
$
300,471

 
$
254,867

 
 
 
 
 
 
 
 
 
 
         Ratio of earnings to fixed charges
1.1x
 
—

 
—

 
—

 
—

         Deficiency of earnings to fixed charges
$
—

 
$
(43,434
)
 
$
(117,102
)
 
$
(1,139,935
)
 
$
(10,754
)

_______________________________________________

(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.