EXHIBIT 12.1
Pinnacle Entertainment, Inc. |
Ratio of Earnings to Fixed Charges
Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2003 | 2004 | ||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax income (loss) | $ | 84,973 | $ | 131,888 | ($ | 50,555 | ) | ($ | 19,071 | ) | ($ | 34,636 | ) | ($ | 1,154 | ) | $ | 2,163 | ||||||||||
Add fixed charges | 69,531 | 63,903 | 53,467 | 53,792 | 59,736 | 13,158 | 15,154 | |||||||||||||||||||||
Less capitalized interest | (1,359 | ) | (8,148 | ) | (481 | ) | (788 | ) | (1,513 | ) | (166 | ) | (849 | ) | ||||||||||||||
Total Earnings | $ | 153,145 | $ | 187,643 | $ | 2,431 | $ | 33,933 | $ | 23,587 | $ | 11,837 | $ | 16,468 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense - inclusive of the amortization of debt issuance costs | $ | 64,573 | $ | 52,620 | $ | 49,853 | $ | 49,688 | $ | 54,881 | $ | 12,357 | $ | 13,571 | ||||||||||||||
Capitalized interest | 1,359 | 8,148 | 481 | 788 | 1,513 | 166 | 849 | |||||||||||||||||||||
Estimated interest portion in rent expense | 3,599 | 3,135 | 3,133 | 3,316 | 3,342 | 634 | 734 | |||||||||||||||||||||
Total Fixed Charges | $ | 69,531 | $ | 63,903 | $ | 53,467 | $ | 53,792 | $ | 59,736 | $ | 13,158 | $ | 15,154 | ||||||||||||||
Ratio of earnings to fixed charges | 2.20x | 2.94x | 0.05x | 0.63x | 0.39x | 0.90x | 1.09x | |||||||||||||||||||||
$ | 1,320 |