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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
|
Exhibit 12
MGM RESORTS INTERNATIONAL
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio data)
|
| Years Ended December 31, |
| |||||||||||||||||
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
| |||||
|
| (In thousands) |
| |||||||||||||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates |
| $ | 787,868 |
|
| $ | (1,224,189 | ) |
| $ | 435,761 |
|
| $ | 202,550 |
|
| $ | (1,585,912 | ) |
Fixed charges (see below) |
|
| 814,731 |
|
|
| 862,377 |
|
|
| 846,321 |
|
|
| 862,417 |
|
|
| 1,117,327 |
|
Distributed income from unconsolidated affiliates |
|
| 559,002 |
|
|
| 230,945 |
|
|
| 15,700 |
|
|
| 17,038 |
|
|
| 23,000 |
|
|
|
| 2,161,601 |
|
|
| (130,867 | ) |
|
| 1,297,782 |
|
|
| 1,082,005 |
|
|
| (445,585 | ) |
Capitalized interest |
|
| (119,958 | ) |
|
| (64,798 | ) |
|
| (29,260 | ) |
|
| (5,070 | ) |
|
| (969 | ) |
|
|
| 2,041,643 |
|
|
| (195,665 | ) |
|
| 1,268,522 |
|
|
| 1,076,935 |
|
|
| (446,554 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net (a) |
| $ | 694,773 |
|
| $ | 797,579 |
|
| $ | 817,061 |
|
| $ | 857,347 |
|
| $ | 1,116,358 |
|
Capitalized interest |
|
| 119,958 |
|
|
| 64,798 |
|
|
| 29,260 |
|
|
| 5,070 |
|
|
| 969 |
|
|
|
| 814,731 |
|
|
| 862,377 |
|
|
| 846,321 |
|
|
| 862,417 |
|
|
| 1,117,327 |
|
Ratio of earnings to fixed charges |
| 2.51x |
|
| (b) |
|
| 1.50x |
|
| 1.25x |
|
| (b) |
| |||||
Deficiency |
| $ | — |
|
| $ | 1,058,042 |
|
| $ | — |
|
| $ | — |
|
| $ | 1,563,881 |
|
(a) | Interest expense does not include the interest factor of rental expense as these amounts are not material. |
(b) | Earnings were inadequate to cover fixed charges. |