EX-12 4 ex-12.htm EXHIBIT 12 Exhibit


Exhibit 12

WYNN RESORTS, LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
Nine months ended September 30, 2016
 
Years ended December 31,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(in thousands, except ratios)
Income before income taxes, noncontrolling interest and income from equity investees
 
$
177,032

 
$
287,424

 
$
957,513

 
$
985,438

 
$
731,912

 
$
804,095

Add: Fixed charges
 
293,719

 
363,774

 
357,214

 
316,797

 
297,874

 
236,498

Add: Amortization of capitalized interest
 
11,201

 
13,924

 
15,269

 
18,976

 
20,313

 
21,382

Add: Distributed income from equity investees
 
16

 
1,823

 
1,349

 
1,085

 
1,192

 
1,328

Less: Interest capitalized
 
92,428

 
53,327

 
33,458

 
10,485

 
2,028

 
—

      Earnings as adjusted
 
$
389,540

 
$
613,618

 
$
1,297,887

 
$
1,311,811

 
$
1,049,263

 
$
1,063,303

Interest expensed (1)
 
193,698

 
300,906

 
315,062

 
299,022

 
288,759

 
229,918

Interest capitalized
 
92,428

 
53,327

 
33,458

 
10,485

 
2,028

 
—

Interest factor of rental expense (2)
 
7,593

 
9,541

 
8,694

 
7,290

 
7,087

 
6,580

      Total fixed charges
 
$
293,719

 
$
363,774

 
$
357,214

 
$
316,797

 
$
297,874

 
$
236,498

Ratio of earnings to fixed charges (3)
 
1.33

 
1.69

 
3.63

 
4.14

 
3.52

 
4.50


We had no preferred stock issued and outstanding for any of the periods presented.

(1) Interest expensed includes amortization of deferred financing costs and original issue discount and premium on debt.

(2) Interest factor of rental expense is based on an estimate which the Company considers to be a reasonable approximation.

(3) The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges.