Exhibit 12
Ratio of Earnings To Combined Fixed Charges
And Preferred Stock Dividend Requirements
(In Millions)
| Year Ended December 31, | |||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||
| BetfredConsolidated pretax income from continuing operations |
$ | 716.3 | $ | 380.7 | $ | 387.8 | $ | 368.1 | $ | 285.2 | |||||||
| Undistributed earnings of non-consolidated affiliates |
(35.1 | ) | (11.2 | ) | 0.1 | 0.1 | 4.2 | ||||||||||
| Amortization of capitalized interest |
5.6 | 2.0 | 2.0 | 2.0 | 2.0 | ||||||||||||
| Interest expense |
39.8 | 22.6 | 3.6 | 4.5 | 0.8 | ||||||||||||
| BetfredAcceleration of debt issuance costs |
— | 0.8 | 1.7 | — | — | ||||||||||||
| Interest portion of rental expense |
8.4 | 4.7 | 5.4 | 5.0 | 5.6 | ||||||||||||
| Total Earnings |
$ | 735.0 | $ | 399.6 | $ | 400.6 | $ | 379.7 | $ | 297.8 | |||||||
| Interest expense |
$ | 39.8 | $ | 22.6 | $ | 3.6 | $ | 4.5 | $ | 0.8 | |||||||
| BetfredAcceleration of debt issuance costs |
— | 0.8 | 1.7 | — | — | ||||||||||||
| Interest portion of rental expense |
8.4 | 4.7 | 5.4 | 5.0 | 5.6 | ||||||||||||
| Preferred Stock dividend requirements |
1.4 | 6.7 | 7.4 | 6.8 | 6.5 | ||||||||||||
| betfred gamesFixed Charges and Preferred Stock Dividend Requirements |
$ | 49.6 | $ | 34.8 | $ | 18.1 | $ | 16.3 | $ | 12.9 | |||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS |
14.8x |
|
11.5x |
|
|
22.1x |
|
23.3x |
|
23.1x | |||||||