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, | ||||||||||||||||||||
2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
Earnings Calculation: | |||||||||||||||||||||
Income before provision for income taxes and cumulative effects of changes in accounting principles | $ | 26,303 | $ | 26,077 | $ | 76,964 | $ | 41,932 | $ | 102,057 | $ | 67,634 | $ | 49,891 | |||||||
Add: | |||||||||||||||||||||
Interest expense |
| 18,612 |
| 17,605 |
| 72,904 |
| 75,374 |
| 79,303 |
| 69,230 |
| 74,162 | |||||||
Loss on early retirement of debt |
| — |
| — |
| 15,055 |
| — |
| — |
| — |
| — | |||||||
Interest component of rent expense |
| 694 |
| 663 |
| 2,670 |
| 2,262 |
| 1,767 |
| 1,470 |
| 1,065 | |||||||
Earnings available for fixed charges | $ | 45,609 | $ | 44,345 | $ | 167,593 | $ | 119,568 | $ | 183,127 | $ | 138,334 | $ | 125,118 | |||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | $ | 18,612 | $ | 17,605 | $ | 72,904 | $ | 75,374 | $ | 79,303 | $ | 69,230 | $ | 74,162 | |||||||
Capitalized interest |
| 4,419 |
| 4,971 |
| 17,673 |
| 18,009 |
| 6,253 |
| 1,786 |
| — | |||||||
Interest component of rent expense |
| 694 |
| 663 |
| 2,670 |
| 2,262 |
| 1,767 |
| 1,470 |
| 1,065 | |||||||
Total fixed charges | $ | 23,725 | $ | 23,239 | $ | 93,247 | $ | 95,645 | $ | 87,323 | $ | 72,486 | $ | 75,227 | |||||||
Ratio of earnings to fixed charges |
| 1.9x |
| 1.9x |
| 1.8x |
| 1.3x |
| 2.1x |
| 1.9x |
| 1.7x | |||||||