1 EXHIBIT 11 GRAND CASINOS, INC. RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS) SIX MONTHS SIX MONTHS FISCAL YEARS ENDED ENDED ENDED -------------------------------------------------------------- 6/29/97 6/30/96 12/29/96 12/31/95 1/1/95 1/2/94 1/3/93 ---------------------------------------------------------------------------------------- Earnings: Pretax Income 53,583 59,657 (83,223) 110,485 44,526 28,250 4,539 Plus - fixed charges as follows: Interest Expense 22,617 10,566 32,767 26,187 14,140 10,636 165 Capitalized Interest 3,722 13,100 16,065 19,480 3,652 5,214 0 Loss in unconsolidated Affiliates 200 3,839 22,252 408 985 214 0 --------------------------------------------------------------------------------------- 80,122 87,162 (12,139) 156,560 63,303 44,314 4,704 ======================================================================================= Fixed Charges: Interest Expense 22,617 10,566 32,767 26,187 14,140 10,636 165 Capitalized Interest 3,722 13,100 16,065 19,480 3,652 5,214 0 Amortization of debt expense and discount or premium relating to any indebtedness 1,577 1,112 2,790 6,035 2,126 1,668 0 --------------------------------------------------------------------------------------- 27,916 24,778 51,622 51,702 19,918 17,518 165 ======================================================================================= Ratio of Earnings to Fixed Charges 2.8701 3.5177 (0.2352) 3.0281 3.1782 2.5296 28.5091 =======================================================================================