Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
(In Thousands)
Pro Forma | Three Months Ended | |||||||||||||||||||||||||||
2002(1) | 2003(1) | 2004(1) | 2005(1) | 2006(1) | 2006(2) | March 31, 2007 (3) | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income from: | ||||||||||||||||||||||||||||
Continuing operations before income taxes | $ | 18,963 | $ | 19,823 | $ | 24,662 | $ | 34,206 | $ | 31,933 | $ | (16,484 | ) | $ | (5,457 | ) | ||||||||||||
Minority interest not incurring fixed charges | (2,594 | ) | (2,278 | ) | (1,801 | ) | (1,809 | ) | (1,652 | ) | (1,652 | ) | (551 | ) | ||||||||||||||
Fixed charges | 3,538 | 4,086 | 3,911 | 11,109 | 43,299 | 259,108 | 74,225 | |||||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | 6 | 32 | 16 | |||||||||||||||||||||
Less: Capitalized interest | — | — | — | — | (254 | ) | (1,286 | ) | — | |||||||||||||||||||
Total earnings | $ | 19,907 | $ | 21,631 | $ | 26,772 | $ | 43,506 | $ | 73,332 | $ | 239,718 | $ | 68,233 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 1,030 | $ | 774 | $ | 909 | $ | 5,390 | $ | 34,509 | $ | 225,562 | $ | 68,204 | ||||||||||||||
Capitalized interest | — | — | — | — | 254 | 1,286 | — | |||||||||||||||||||||
Amortization of debt costs | — | — | — | 603 | 1,054 | 18,983 | 3,836 | |||||||||||||||||||||
Interest portion of rentals | 2,508 | 3,312 | 3,002 | 5,116 | 7,482 | 13,277 | 2,185 | |||||||||||||||||||||
Total fixed charges | $ | 3,538 | $ | 4,086 | $ | 3,911 | $ | 11,109 | $ | 43,299 | $ | 259,108 | $ | 74,225 | ||||||||||||||
Rentals | $ | 5,015 | $ | 6,624 | $ | 6,003 | $ | 10,232 | $ | 14,963 | $ | 26,553 | $ | 6,620 | ||||||||||||||
Times rentals by 50% | 2,508 | 3,312 | 3,002 | 5,116 | 7,482 | 13,277 | 2,185 | |||||||||||||||||||||
Ratio of Earnings to Fixed Charges | 5.63 | 5.29 | 6.85 | 3.92 | 1.69 | — | — | |||||||||||||||||||||
(1) | Reflects calculation of ratio of earnings to fixed charges of Tropicana Casinos and Resorts. | |
(2) | Reflects calculation of ratio of earnings to fixed charges of Tropicana Entertainment on a pro forma basis to give effect to the Aztar Acquisition and the corporate reorganization that occurred immediately prior to the consummation of the Aztar Acquisition. For this period, earnings were inadequate to cover fixed charges by $19.3 million . | |
(3) | Reflects calculation of ratio of earnings to fixed charges of Tropicana Entertainment. Includes Aztar’s results of operations from January 3, 2007, the date of its acquisition and earnings were inadequate to cover fixed charges by $6.0 million. |