Exhibit 12.1
Isle of Capri Casinos, Inc.
Exhibit 12.1 - Ratio of Earnings to Fixed Charges
| | Nine Months | | | | | | | | | | | |
| | Ended | | Fiscal Year Ended | |
| | 1/27/2013 | | 4/29/2012 | | 4/24/2011 | | 4/25/2010 | | 4/26/2009 | | 4/27/2008 | |
| | (dollars in millions) | |
Earnings: | | | | | | | | | | | | | |
Income from continuing ops before income taxes and noncontrolling interest | | $ | (0.8 | ) | $ | (2.3 | ) | $ | 10.7 | | $ | (1.6 | ) | $ | 29.0 | | $ | (51.0 | ) |
Add: | | | | | | | | | | | | | |
Fixed charges identified below | | 73.2 | | 97.7 | | 100.2 | | 83.1 | | 100.8 | | 117.3 | |
Deduct: | | | | | | | | | | | | | |
Interest capitalized during the period | | 2.3 | | 1.1 | | 0.1 | | 0.1 | | 0.2 | | 1.6 | |
Adjusted Earnings | | $ | 70.1 | | $ | 94.3 | | $ | 110.8 | | $ | 81.4 | | $ | 129.6 | | $ | 64.7 | |
| | | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | | |
Interest expense | | $ | 64.4 | | $ | 87.9 | | $ | 91.9 | | $ | 75.4 | | $ | 92.9 | | $ | 107.6 | |
Interest capitalized | | 2.3 | | 1.1 | | 0.1 | | 0.1 | | 0.2 | | 1.6 | |
Interest portion of rent expense | | 6.5 | | 8.7 | | 8.1 | | 7.6 | | 7.7 | | 8.1 | |
Adjusted fixed charges | | $ | 73.2 | | $ | 97.7 | | $ | 100.1 | | $ | 83.1 | | $ | 100.8 | | $ | 117.3 | |
| | | | | | | | | | | | | |
Ratio of Earnings to Fixed Charges | | (1 | ) | (2 | ) | 1.1 | | (3 | ) | 1.3 | | (4 | ) |
(1) For the nine months ended January 27, 2013, earnings were insufficient to cover fixed charges by approximately $3.1 million.
(2) For the year ended April 29, 2012, earnings were insufficient to cover fixed charges by approximately $3.4 million.
(3) For the year ended April 25, 2010, earnings were insufficient to cover fixed charges by approximately $1.7 million.
(4) For the year ended April 27, 2008, earnings were insufficient to cover fixed charges by approximately $52.6 million.
