Gaming and Leisure Properties (GLPI) 8-K Gaming and Leisure Properties Announces Public Offering

Exhibit 12.1

Gaming and Leisure Properties, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(In Thousands, Except Ratio)

	For the Year Ended December 31, 2017		For the Year Ended December 31, 2016		For the Year Ended December 31, 2015		For the Year Ended December 31, 2014		For the Year Ended December 31, 2013		For the Three Months Ended March 31, 2018
Income from continuing operations before income taxes		390,385		296,850		135,564		143,920		30,449		98,264
Add:
Fixed charges (from below)(1)		218,024		186,896		125,224		118,049		19,477		54,298
Earnings, as defined:		608,409		483,746		260,788		261,969		49,926		152,562
Fixed charges:
Interest expense, including the amortization of debt issuance costs		217,068		185,896		124,183		117,030		19,254		54,068
Estimate of the interest within rental expense		956		1,000		1,041		1,019		223		230
Total fixed charges before preferred stock dividends:		218,024		186,896		125,224		118,049		19,477		54,298
Preferred stock dividends		—		—		—		—		—		—
Total combined fixed charges and preferred stock dividends:		218,024		186,896		125,224		118,049		19,477		54,298
Ratio of earnings to fixed charges and preferred stock dividends:		2.79		2.59		2.08		2.22		2.56		2.81

⁽¹⁾ For the purpose of computing the Company’s ratio of earnings to fixed charges, “earnings” is the amount resulting from adding:(a) pre-tax income from continuing operations and (b) fixed charges. “Fixed charges” is the amount equal to the sum of: (a) interest expensed; (b) amortization of capitalized expenses related to indebtedness, and (c) an estimate of the interest within rental expense.