Boyd Gaming (BYD) 10-Q 2015 Q1 Quarterly report

Exhibit 12.1
Boyd Gaming Corporation
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
	Three Months Ended
	March 31,			Year Ended December 31,
(In thousands, except ratio amounts)	2015			2014			2013			2012			2011			2010
Income/(loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates	$	14,293		$	(42,202	)	$	(115,994	)	$	(1,139,235	)	$	(10,400	)	$	16,246
Add:
Fixed charges	59,446			296,831			358,305			300,471			254,867			184,862
Distributed income of equity investees	—			—			—			—			—			1,910
Subtract:
Interest capitalized	(121		)	(1,232		)	(1,108		)	(700		)	(354		)	—
Earnings/(losses), as defined (1)	$	73,618		$	253,397		$	241,203		$	(839,464	)	$	244,113		$	203,018
Fixed Charges:
Interest expensed, net of interest capitalized	$	56,935		$	283,387		$	344,330		$	290,004		$	250,731		$	180,558
Interest capitalized	121			1,232			1,108			700			354			—
Interest component of rental expense	2,390			12,212			12,867			9,767			3,782			4,304
Fixed Charges (2)	$	59,446		$	296,831		$	358,305		$	300,471		$	254,867		$	184,862
Ratio of earnings to fixed charges	1.2x															1.1x
Deficiency of earnings to fixed charges	$	—		$	(43,434	)	$	(117,102	)	$	(1,139,935	)	$	(10,754	)	$	—

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(1) For purposes of computing this ratio, "earnings" consist of income before income taxes and income/(loss) from unconsolidated affiliates, plus fixed charges (excluding capitalized interest) and distributed income of equity investees. Current year amortization of previously capitalized interest is not included as these amounts are not material.

(2) For purposes of computing this ratio, "fixed charges" include interest whether expensed or capitalized, amortization of debt expense, discount, or premium related to indebtedness (included in interest expense), and such portion of rental expense that we deem to be a reasonable representation of the interest factor.