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EXHIBIT 12
BOYD GAMING CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
Nine Months Ended
March 31, For the Years Ended June 30,
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1996 1995 1995 1994 1993 1992 1991
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Earnings before Income Taxes........... $43,417 $44,560 $ 64,199 $18,155 $31,603 $ 9,633 $ 1,383
Add:
Fixed Charges........................ 45,508 43,518 58,295 48,667 36,422 40,959 41,347
Less:
Capitalized Interest................. (3,920) (3,319) (7,100) (6,600) -- -- (3,513)
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Earnings (A)........................... $85,005 $84,759 $115,394 $60,222 $68,025 $50,592 $39,217
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Fixed Charges:
Interest Expense..................... $39,322 $37,940 $ 48,443 $39,472 $33,888 $38,493 $37,210
Capitalized Interest................. 3,920 3,319 7,100 6,600 -- -- 3,513
Amortization of Issue Costs.......... 1,587 1,579 1,832 1,832 1,832 1,832 107
Portion of rents representative
of interest factor................. 679 680 920 763 702 634 517
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Fixed Charges (B)...................... $45,508 $43,518 $ 58,295 $48,667 $36,422 $40,959 $41,347
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Ratio of Earnings to Fixed Charges
(A divided by B)..................... 1.87 1.95 1.98 1.24 1.87 1.24 --(1)
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(1) Earnings were not sufficient to cover fixed charges for the year ended June
30, 1991. The coverage deficiency was $2.13 million.