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BOYD GAMING CORPORATION EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ IN THOUSANDS, EXCEPT FOR RATIOS)
(UNAUDITED)
Six Months Ended Years Ended
June 30, December 31,
---------------------- -----------------------------------
2001 2000 2000 1999 1998
--------- --------- --------- --------- ---------
Earnings Calculation:
Income (loss) before provision (benefit)
for income taxes, cumulative effect of a
change in accounting principle and
extraordinary items $ 24,313 $ 103,614 $ 102,057 $ 67,634 $ 49,891
Add:
Interest expense 39,407 39,368 79,303 69,230 74,162
Interest component of rent expense 1,050 803 1,767 1,470 1,065
--------- --------- --------- --------- ---------
Earnings available for fixed charges $ 64,770 $ 143,785 $ 183,127 $ 138,334 $ 125,118
========= ========= ========= ========= =========
Fixed charges:
Interest expense $ 39,407 $ 39,368 $ 79,303 $ 69,230 $ 74,162
Capitalized interest 6,571 2,249 6,253 1,786 --
Interest component of rent expense 1,050 803 1,767 1,470 1,065
--------- --------- --------- --------- ---------
Total fixed charges $ 47,028 $ 42,420 $ 87,323 $ 72,486 $ 75,227
========= ========= ========= ========= =========
Ratio of earnings to fixed charges 1.4x 3.4x 2.1x 1.9x 1.7x
========= ========= ========= ========= =========
Six Months Fiscal Year Ended
Ended June 30,
December 31, ------------------------
1997 1997 1996
------------ ---------- ---------
Earnings Calculation:
Income (loss) before provision (benefit)
for income taxes, cumulative effect of a
change in accounting principle and
extraordinary items $ 20,836 $ (105,448) $ 49,600
Add:
Interest expense 37,571 61,672 52,360
Interest component of rent expense 595 1,072 960
--------- ---------- ---------
Earnings available for fixed charges $ 59,002 $ (42,704) $ 102,920
========= ========== =========
Fixed charges:
Interest expense $ 37,571 $ 61,672 $ 52,360
Capitalized interest -- 3,200 4,600
Interest component of rent expense 595 1,072 960
--------- ---------- ---------
Total fixed charges $ 38,166 $ 65,944 $ 57,920
========= ========== =========
Ratio of earnings to fixed charges 1.6x (0.6)x 1.8x
========= ========== =========
Deficit $ (108,648)