EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Boyd Gaming Corporation

Computation of Ratio of Earnings to Fixed Charges

($ in thousands, except for ratios)

(unaudited)

 

   

Three Months Ended

March 31,

  

Year Ended December 31,

   

2003

  

2002

  

2002

  

2001

  

2000

  

1999

  

1998

Earnings Calculation:

                                          

Income before provision for income taxes and cumulative effects of changes in accounting principles

  

$

26,303

  

$

26,077

  

$

76,964

  

$

41,932

  

$

102,057

  

$

67,634

  

$

49,891

Add:

                                          

Interest expense

  

 

18,612

  

 

17,605

  

 

72,904

  

 

75,374

  

 

79,303

  

 

69,230

  

 

74,162

Loss on early retirement of debt

  

 

—  

  

 

—  

  

 

15,055

  

 

—  

  

 

—  

  

 

—  

  

 

—  

Interest component of rent expense

  

 

694

  

 

663

  

 

2,670

  

 

2,262

  

 

1,767

  

 

1,470

  

 

1,065

   
 
 
 
 
 
 

Earnings available for fixed charges

  

$

45,609

  

$

44,345

  

$

167,593

  

$

119,568

  

$

183,127

  

$

138,334

  

$

125,118

   
 
 
 
 
 
 

Fixed charges:

                                          

Interest expense

  

$

18,612

  

$

17,605

  

$

72,904

  

$

75,374

  

$

79,303

  

$

69,230

  

$

74,162

Capitalized interest

  

 

4,419

  

 

4,971

  

 

17,673

  

 

18,009

  

 

6,253

  

 

1,786

  

 

—  

Interest component of rent expense

  

 

694

  

 

663

  

 

2,670

  

 

2,262

  

 

1,767

  

 

1,470

  

 

1,065

   
 
 
 
 
 
 

Total fixed charges

  

$

23,725

  

$

23,239

  

$

93,247

  

$

95,645

  

$

87,323

  

$

72,486

  

$

75,227

   
 
 
 
 
 
 

Ratio of earnings to fixed charges

  

 

1.9x

  

 

1.9x

  

 

1.8x

  

 

1.3x

  

 

2.1x

  

 

1.9x

  

 

1.7x