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EXHIBIT 12.1
PENINSULA GAMING, LLC
Computation of Ratio of Earnings to Fixed Charges
(amounts in thousands except ratio information)
| | Period from
July 15,
1999 to
December 31,
1999
| | 2000
| | 2001
| | 2002
| | 2003
| | Six-
Months
Ended
June 30,
2003
| | Six-
Months
Ended
June 30,
2004
| | Pro Forma
2003
| | Pro Forma
Six-
Months
Ended
June 30,
2004
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| Total earnings | | $ | (2,437 | ) | $ | 1,245 | | $ | 1,819 | | $ | (732 | ) | $ | (12,742 | ) | $ | (4,978 | ) | $ | (42,300 | ) | $ | (11,180 | ) | $ | (3,666 | ) |
| Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest charges (including capitalized interest and interest expense related to preferred members' interest) | | | 4,041 | | | 8,712 | | | 8,729 | | | 10,487 | | | 24,113 | | | 10,733 | | | 13,299 | | | 22,731 | | | 12,232 | |
| Amortization of deferred financing costs and bond discount | | | 342 | | | 795 | | | 911 | | | 1,494 | | | 3,161 | | | 1,596 | | | 1,383 | | | 3,161 | | | 1,383 | |
| Loss on early retirement of debt | | | — | | | — | | | — | | | — | | | — | | | — | | | 37.566 | | | — | | | — | |
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| Total fixed charges | | | 4,383 | | | 9,507 | | | 9,640 | | | 11,981 | | | 27,274 | | | 12,329 | | | 52,248 | | | 25,892 | | | 13,615 | |
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| Capitalized interest | | | — | | | — | | | — | | | (93 | ) | | (2,202 | ) | | (500 | ) | | (481 | ) | | (2,202 | ) | | (481 | ) |
| Earnings as adjusted | | $ | 1,946 | | $ | 10,752 | | $ | 11,459 | | $ | 11,156 | | $ | 12,330 | | $ | 6,851 | | $ | 9,467 | | $ | 12,510 | | $ | 9,468 | |
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| Ratio of earnings to fixed charges | | | 0.4x | | | 1.1x | | | 1.2x | | | 0.9x | | | 0.5x | | | 0.6x | | | 0.2x | | | 0.5x | | | 0.7x | |
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Earnings were insufficient to cover fixed charges for the period from July 15, 1999 to December 31, 1999, the fiscal years ended December 31, 2002 and 2003 and the six-months ended June 30, 2003 and 2004 by $2.4 million, $0.8 million, $14.9 million, $5.5 million and $42.8 million, respectively. Pro forma earnings were insufficient to cover fixed charges for the fiscal year ended December 31, 2003 and the six-months ended June 30, 2004 by $13.4 million and $4.1 million, respectively.
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