Exhibit 12
Ratio of Earnings To Combined Fixed Charges
betfred reviewsAND PREFERRED STOCK DIVIDEND Requirements
(In Millions)
| Year Ended December 31, | |||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||
| Consolidated pretax income (loss) from continuing operations |
$ | betfred sportsbook387.8 | $ | 368.1 | $ | 285.2 | $ | (35.2 | ) | $ | (57.3 | ) | |||||
| Undistributed earnings of non-consolidated affiliates |
.1 | .1 | 4.2 | .1 | (1.3 | ) | |||||||||||
| Amortization of capitalized interest |
2.0 | 2.0 | 2.0 | 2.0 | 1.8 | ||||||||||||
| Interest expense |
3.6 | 4.5 | .8 | 4.4 | 6.5 | ||||||||||||
| Acceleration of debt issuance costs |
1.7 | ||||||||||||||||
| Interest portion of rental expense |
6.2 | 6.2 | 7.5 | 8.6 | 9.4 | ||||||||||||
| betfred sportsbookEarnings (loss) |
$ | 401.4 | $ | 380.9 | $ | 299.7 | $ | (20.1 | ) | $ | (40.9 | ) | |||||
| Interest expense |
$ | 3.6 | $ | 4.5 | $ | .8 | $ | 4.4 | $ | 6.5 | |||||||
| Acceleration of debt issuance costs |
1.7 | ||||||||||||||||
| Interest portion of rental expense |
6.2 | 6.2 | 7.5 | 8.6 | 9.4 | ||||||||||||
| Preferred Stock dividend requirements |
7.4 | 6.8 | 6.5 | ||||||||||||||
| Fixed Charges betfred reviewsAND PREFERRED STOCK DIVIDEND Requirements |
$ | 18.9 | $ | 17.5 | $ | 14.8 | $ | 13.0 | $ | 15.9 | |||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES betfred reviewsAND PREFERRED STOCK DIVIDEND REQUIREMENTS |
21.2x | 21.8x | 20.3x | (1 | ) | (2 | ) | ||||||||||
| (1) | For the year ended December 31, 2003, earnings were inadequate to cover fixed betfred reviewscharges. We would need an additional $33.1 million of earnings in order to cover our fixed charges. |
| (2) | For the year ended December 31, 2002, earnings were inadequate to cover fixed betfred reviewscharges. We would need an additional $56.8 million of earnings in order to cover our fixed charges. |