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Exhibit 12
Pinnacle Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges
| For the year ended December 31, | |||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||
| (in thousands) | |||||||||||||||||||
| Earnings: | |||||||||||||||||||
| Pre-tax income (loss) from continuing operations before losses from equity method investments | $ | 31,775 | $ | 22,307 | $ | (96,254 | ) | $ | 49,592 | $ | 56,758 | ||||||||
| Add: Fixed charges | 110,805 | 119,425 | 178,723 | 261,623 | 250,313 | ||||||||||||||
| Less: Capitalized interest | (10,303 | ) | (20,310 | ) | (3,282 | ) | (2,854 | ) | — | ||||||||||
| Total earnings | $ | 132,277 | $ | 121,422 | $ | 79,187 | $ | 308,361 | $ | 307,071 | |||||||||
| Fixed charges: | |||||||||||||||||||
| Interest expense, net of capitalized interest and inclusive of amortization of debt issuance costs and debt discount/premium | $ | 95,705 | $ | 94,484 | $ | 170,218 | $ | 253,048 | $ | 244,708 | |||||||||
| Capitalized interest | 10,303 | 20,310 | 3,282 | 2,854 | — | ||||||||||||||
| Estimated interest portion of rent expense | 4,797 | 4,631 | 5,223 | 5,721 | 5,605 | ||||||||||||||
| Total fixed charges | $ | 110,805 | $ | 119,425 | $ | 178,723 | $ | 261,623 | $ | 250,313 | |||||||||
| Ratio of earnings to fixed charges | 1.2x | 1.0x | (a) | 1.2x | 1.2x | ||||||||||||||
| (a) | Due principally to large non-cash charges deducted to compute earnings, earnings were less than fixed charges by $99.5 million for the year ended December 31, 2013. |