Exhibit 12.1
Boyd Gaming Corporation
Computation of Ratio of Earnings to Fixed Charges
($ in thousands, except for ratios)
(unaudited)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||
2002 | 2001 | 2001 | 2000 | 1999 | ||||||||||||||||
Earnings Calculation: | ||||||||||||||||||||
Income before provision for income taxes and cumulative effects of changes in accounting principles | $ | 26,077 | $ | 10,180 | $ | 41,932 | $ | 102,057 | $ | 67,634 | ||||||||||
Add: | ||||||||||||||||||||
Interest expense | 17,605 | 20,475 | 75,374 | 79,303 | 69,230 | |||||||||||||||
Interest component of rent expense | 488 | 496 | 2,262 | 1,767 | 1,470 | |||||||||||||||
Earnings available for fixed charges | $ | 44,170 | $ | 31,151 | $ | 119,568 | $ | 183,127 | $ | 138,334 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 17,605 | $ | 20,475 | $ | 75,374 | $ | 79,303 | $ | 69,230 | ||||||||||
Capitalized interest | 4,971 | 2,948 | 18,009 | 6,253 | 1,786 | |||||||||||||||
Interest component of rent expense | 488 | 496 | 2,262 | 1,767 | 1,470 | |||||||||||||||
Total fixed charges | $ | 23,064 | $ | 23,919 | $ | 95,645 | $ | 87,323 | $ | 72,486 | ||||||||||
Ratio of earnings to fixed charges | 1.9x | 1.3x | 1.3x | 2.1x | 1.9x | |||||||||||||||
Rental Interest Expense | ||||||||||||||||||||
Rent Expense | $ | 1,464 | $ | 1,488 | $ | 6,785 | $ | 5,302 | $ | 5,302 | ||||||||||
1/3 factor | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | ||||||||||
1/3 Rent Expense | $ | 488 | $ | 496 | $ | 2,262 | $ | 1,767 | $ | 1,767 | ||||||||||