EX-12 3 exhibit12ratioofearningsto.htm EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
 
 
 
 
 
 
 
 
 
Boyd Gaming Corporation
 
 
 
 
 
 
 
 
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(In thousands, except ratio amounts)
2017
 
2016
 
2015
 
2014
 
2013
Income/(loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates
$
170,807

 
$
7,987

 
$
4,061

 
$
(56,033
)
 
$
(55,887
)
Add:
 
 
 
 
 
 
 
 
 
    Fixed charges
183,221

 
223,201

 
234,380

 
241,108

 
272,046

Distributed income of equity investees
392

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
   Interest capitalized
—

 
(494
)
 
(136
)
 
(1,232
)
 
(1,108
)
         Earnings, as defined (1)
$
354,420

 
$
230,694

 
$
238,305

 
$
183,843

 
$
215,051

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expensed, net of interest capitalized
$
173,108

 
$
212,692

 
$
224,590

 
$
230,060

 
$
262,995

Interest capitalized
—

 
494

 
136

 
1,232

 
1,108

Interest component of rental expense
10,113

 
10,015

 
9,654

 
9,816

 
7,943

         Fixed Charges (2)
$
183,221

 
$
223,201

 
$
234,380

 
$
241,108

 
$
272,046

 
 
 
 
 
 
 
 
 
 
         Ratio of earnings to fixed charges
1.9x

 
1.0x

 
1.0x

 
—

 
—

         Deficiency of earnings to fixed charges
$
—

 
$
—

 
$
—

 
$
(57,265
)
 
$
(56,995
)

_______________________________________________

(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.