Pinnacle Entertainment, Inc. - FORM 10-K - EX-12 - EXHIBIT 12 - March 1, 2018

Attached files

file filename
10-K - 10-K - Pinnacle Entertainment, Inc.pnk1231201710k.htm
EX-99.1 - EXHIBIT 99.1 - Pinnacle Entertainment, Inc.pnkex991123117.htm
EX-32 - EXHIBIT 32 - Pinnacle Entertainment, Inc.pnkex32123117.htm
EX-31.2 - EXHIBIT 31.2 - Pinnacle Entertainment, Inc.pnkex312123117.htm
EX-31.1 - EXHIBIT 31.1 - Pinnacle Entertainment, Inc.pnkex311123117.htm
EX-23.1 - EXHIBIT 23.1 - Pinnacle Entertainment, Inc.pnkex231123117.htm
EX-21 - EXHIBIT 21 - Pinnacle Entertainment, Inc.pnkex21123117.htm
EX-11 - EXHIBIT 11 - Pinnacle Entertainment, Inc.pnkex11123117.htm
EX-10.33 - EXHIBIT 10.33 - Pinnacle Entertainment, Inc.pnkex1033123117.htm
EX-10.26 - EXHIBIT 10.26 - Pinnacle Entertainment, Inc.pnkex1026123117.htm
EX-10.15 - EXHIBIT 10.15 - Pinnacle Entertainment, Inc.pnkex1015123117.htm
EX-4.24 - EXHIBIT 4.24 - Pinnacle Entertainment, Inc.pnkex424123117.htm
EX-4.23 - EXHIBIT 4.23 - Pinnacle Entertainment, Inc.pnkex423123117.htm
EX-3.1 - EXHIBIT 3.1 - Pinnacle Entertainment, Inc.pnkex31123117.htm


Exhibit 12

Pinnacle Entertainment, Inc.
Computation of Ratio of Earnings to Fixed Charges

 
For the year ended December 31,
 
2013
 
2014
 
2015
 
2016
 
2017
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before losses from equity method investments
$
(96,254
)
 
$
49,592

 
$
56,758

 
$
(485,825
)
 
$
47,245

Add: Fixed charges
178,723

 
261,623

 
250,313

 
342,346

 
392,312

Less: Capitalized interest
(3,282
)
 
(2,854
)
 
—

 
(105
)
 
(64
)
Total earnings
$
79,187

 
$
308,361

 
$
307,071

 
$
(143,584
)
 
$
439,493

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest (a)
$
170,218

 
$
253,048

 
$
244,708

 
$
334,777

 
$
381,349

Capitalized interest
3,282

 
2,854

 
—

 
105

 
64

Estimated interest portion of rent expense
5,223

 
5,721

 
5,605

 
7,464

 
10,899

Total fixed charges
$
178,723

 
$
261,623

 
$
250,313

 
$
342,346

 
$
392,312

Ratio of earnings to fixed charges
(b)

 
1.2x

 
1.2x

 
(b)

 
1.1x

(a)
Inclusive of amortization of debt issuance costs and debt discounts/premiums and exclusive of interest income.
(b)
Due principally to large non-cash charges deducted to compute earnings, earnings were less than fixed charges by $99.5 million and $485.9 million for the years ended December 31, 2013 and 2016, respectively.



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