Exhibit 12.1
Boyd Gaming Corporation
Computation of Ratio of Earnings to Fixed Charges
($ in thousands, except for ratios)
(unaudited)
| Nine Months Ended |
Six Months Ended December 31, 1997 |
Fiscal Year Ended June 30, 1997 |
|||||||||||||||||||||||
| September 30, |
Year Ended December 31, |
||||||||||||||||||||||||
| 2002 |
2001 |
2001 |
2000 |
1999 |
1998 |
||||||||||||||||||||
| Earnings Calculation: |
|||||||||||||||||||||||||
| Income (loss) before provision (benefit) for income taxes and cumulative effects of changes in accounting principles |
$ |
70,806 |
$ |
31,226 |
$ |
41,932 |
$ |
102,057 |
$ |
67,634 |
$ |
49,891 |
$ |
9,697 |
$ |
(114,785 |
) | ||||||||
| Add: |
|||||||||||||||||||||||||
| Interest expense |
|
55,427 |
|
58,399 |
|
75,374 |
|
79,303 |
|
69,230 |
|
74,162 |
|
37,571 |
|
61,672 |
| ||||||||
| Loss on early retirement of debt |
|
3,443 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
11,139 |
|
9,337 |
| ||||||||
| Interest component of rent expense |
|
1,955 |
|
1,693 |
|
2,262 |
|
1,767 |
|
1,470 |
|
1,065 |
|
595 |
|
1,072 |
| ||||||||
| Earnings available for fixed charges |
$ |
131,631 |
$ |
91,318 |
$ |
119,568 |
$ |
183,127 |
$ |
138,334 |
$ |
125,118 |
$ |
59,002 |
$ |
(42,704 |
) | ||||||||
| Fixed charges: |
|||||||||||||||||||||||||
| Interest expense |
$ |
55,427 |
$ |
58,399 |
$ |
75,374 |
$ |
79,303 |
$ |
69,230 |
$ |
74,162 |
$ |
37,571 |
$ |
61,672 |
| ||||||||
| Capitalized interest |
|
13,423 |
|
12,026 |
|
18,009 |
|
6,253 |
|
1,786 |
|
— |
|
— |
|
3,200 |
| ||||||||
| Interest component of rent expense |
|
1,955 |
|
1,693 |
|
2,262 |
|
1,767 |
|
1,470 |
|
1,065 |
|
595 |
|
1,072 |
| ||||||||
| Total fixed charges |
$ |
70,805 |
$ |
72,118 |
$ |
95,645 |
$ |
87,323 |
$ |
72,486 |
$ |
75,227 |
$ |
38,166 |
$ |
65,944 |
| ||||||||
| Ratio of earnings to fixed charges |
|
1.9x |
|
1.3x |
|
1.3x |
|
2.1x |
|
1.9x |
|
1.7x |
|
1.6x |
|
(0.6 |
)x | ||||||||
| Deficit |
$ |
(108,648 |
) | ||||||||||||||||||||||