Exhibit 12.1
Las Vegas Sands Corp.
Statement of Computation of Ratios
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 (1) | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Income (loss) before income taxes and noncontrolling interest | 1,955,642 | 1,478,950 | 3,143,512 | 2,062,576 | 2,094,823 | 855,905 | (372,627 | ) | ||||||||||||||||||||
Add: Fixed charges | 157,933 | 153,124 | 303,947 | 330,460 | 429,898 | 428,260 | 398,947 | |||||||||||||||||||||
Add: Amortization of interest capitalized | 15,386 | 15,068 | 30,464 | 22,258 | 17,764 | 14,373 | 11,928 | |||||||||||||||||||||
Less: Interest capitalized | (3,248 | ) | (2,361 | ) | (4,661 | ) | (49,349 | ) | (127,140 | ) | (106,066 | ) | (65,449 | ) | ||||||||||||||
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Earnings as adjusted | 2,125,713 | 1,644,781 | 3,473,262 | 2,365,945 | 2,415,345 | 1,192,472 | (27,201 | ) | ||||||||||||||||||||
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Interest expensed | 140,716 | 137,208 | 271,211 | 258,564 | 282,949 | 306,813 | 321,870 | |||||||||||||||||||||
Interest capitalized | 3,248 | 2,361 | 4,661 | 49,349 | 127,140 | 106,066 | 65,449 | |||||||||||||||||||||
Estimated interest component in rental expense | 12,893 | 12,470 | 25,181 | 19,814 | 17,314 | 15,381 | 11,628 | |||||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 1,076 | 1,085 | 2,894 | 2,733 | 2,495 | — | — | |||||||||||||||||||||
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Total fixed charges | 157,933 | 153,124 | 303,947 | 330,460 | 429,898 | 428,260 | 398,947 | |||||||||||||||||||||
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Preferred stock dividends (2) | — | — | — | — | 323,287 | 210,177 | 185,571 | |||||||||||||||||||||
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Total fixed charges and preferred stock dividends | 157,933 | 153,124 | 303,947 | 330,460 | 753,185 | 638,437 | 584,518 | |||||||||||||||||||||
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Earnings to fixed charges | 13.46 | 10.74 | 11.43 | 7.16 | 5.62 | 2.78 | (0.07 | ) | ||||||||||||||||||||
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Deficiency amount | — | — | — | — | — | — | (426,148 | ) | ||||||||||||||||||||
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Earnings to combined fixed charges and preferred stock dividends | 13.46 | 10.74 | 11.43 | 7.16 | 3.21 | 1.87 | (0.05 | ) | ||||||||||||||||||||
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Deficiency amount | — | — | — | — | — | — | (611,719 | ) | ||||||||||||||||||||
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(1) | Las Vegas Sands Corp.‘s earnings were insufficient to cover fixed charges by $426.1 million for the year ended December 31, 2009 and were insufficient to cover combined fixed charges and preferred stock dividends by $611.7 million for the year ended December 31, 2009. |
(2) | Computed as (i) the sum of the dividends, accretion to redemption value of preferred stock issued to our principal stockholder’s family and preferred stock inducement and repurchase premiums, divided by (ii) one minus the effective income tax rate applicable to continuing operations for those years that had income tax expense. |