EXHIBIT 12.1
PENINSULA GAMING, LLC
Computation of Ratio of Earnings to Fixed Charges
(amounts in thousands except ratio information)
Earnings: | | 2004 | | Pro
Forma
2004 | | 2003 | | 2002 | | 2001 | | 2000 | |
Total earnings | | $ | (45,075 | ) | $ | (6,280 | ) | $ | (12,742 | ) | $ | (732 | ) | $ | 1,819 | | $ | 1,245 | |
| | | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Interest charges (including capitalized interest and interest expense related to preferred members’ interest | | 25,762 | | 24,534 | | 24,113 | | 10,487 | | 8,729 | | 8,712 | |
| | | | | | | | | | | | | |
Amortization of deferred financing costs and bond discount | | 2,624 | | 2,624 | | 3,161 | | 1,494 | | 911 | | 795 | |
| | | | | | | | | | | | | |
Loss on early retirement of debt | | 37,566 | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total fixed charges | | 65,952 | | 27,158 | | 27,274 | | 11,981 | | 9,640 | | 9,507 | |
| | | | | | | | | | | | | |
Capitalized interest | | (1,251 | ) | (1,251 | ) | (2,202 | ) | (93 | ) | | | | |
| | | | | | | | | | | | | |
Earnings as adjusted | | $ | 19,626 | | $ | 19,627 | | $ | 12,330 | | $ | 11,156 | | $ | 11,459 | | $ | 10,752 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | 0.3 | x * | 0.7 | x * | 0.5 | x * | 0.9 | x * | 1.2 | x | 1.1 | x |
* Earnings were insufficient to cover fixed charges for the years ended December 31, 2004, 2003, and 2002 by $46.3 million, $14.9 million, and $0.8 million, respectively. Pro forma earnings were insufficient to cover fixed charges for the year ended December 31, 2004 by $7.5 million.
