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, | |||||||||||||||||||||||||||
2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||
Earnings Calculation: | ||||||||||||||||||||||||||||
Income before provision for income taxes and cumulative effect of a change in accounting principle and before operating and non-operating results from Borgata | $ | 24,775 | $ | 30,528 | $ | 76,011 | $ | 85,460 | $ | 42,852 | $ | 103,601 | $ | 68,894 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Interest expense | 17,842 | 18,612 | 74,549 | 72,904 | 75,374 | 79,303 | 69,230 | |||||||||||||||||||||
Interest component of rent expense | 684 | 694 | 2,842 | 2,670 | 2,262 | 1,767 | 1,470 | |||||||||||||||||||||
Amortization of capitalized interest | 234 | — | 468 | — | — | — | — | |||||||||||||||||||||
Earnings available for fixed charges | $ | 43,535 | $ | 49,834 | $ | 153,870 | $ | 161,034 | $ | 120,488 | $ | 184,671 | $ | 139,594 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 17,842 | $ | 18,612 | $ | 74,549 | $ | 72,904 | $ | 75,374 | $ | 79,303 | $ | 69,230 | ||||||||||||||
Capitalized interest | 414 | 4,419 | 9,168 | 17,673 | 18,009 | 6,253 | 1,786 | |||||||||||||||||||||
Interest component of rent expense | 684 | 694 | 2,842 | 2,670 | 2,262 | 1,767 | 1,470 | |||||||||||||||||||||
Total fixed charges | $ | 18,940 | $ | 23,725 | $ | 86,559 | $ | 93,247 | $ | 95,645 | $ | 87,323 | $ | 72,486 | ||||||||||||||
Ratio of earnings to fixed charges | 2.3 | x | 2.1 | x | 1.8 | x | 1.7 | x | 1.3 | x | 2.1 | x | 1.9 | x | ||||||||||||||