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 | ||||||||||||||||||
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Earnings, as defined: | 608,409 | 483,746 | 260,788 | 261,969 | 49,926 | 152,562 | ||||||||||||||||||
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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 | ||||||||||||||||||
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Total fixed charges before preferred stock dividends: | 218,024 | 186,896 | 125,224 | 118,049 | 19,477 | 54,298 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||
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Total combined fixed charges and preferred stock dividends: | 218,024 | 186,896 | 125,224 | 118,049 | 19,477 | 54,298 | ||||||||||||||||||
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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. |