Exhibit 12.1
American Public Education, Inc.
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Three months | ||||||||||||||||||||||||
ended | Year ended December 31, | |||||||||||||||||||||||
(in thousands) | March 31, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
+ Pre-tax income from continuing operations | $ | 13,071 | $ | 50,022 | $ | 39,866 | $ | 25,688 | $ | 14,691 | $ | 2,941 | ||||||||||||
+ Fixed charges | — | — | — | — | — | — | ||||||||||||||||||
+ Amortization of capital interest | — | — | — | — | — | — | ||||||||||||||||||
+ Distributed equity of equity investees | — | — | — | — | — | — | ||||||||||||||||||
+ Share of pre-tax losses of equity investees | — | — | — | — | — | — | ||||||||||||||||||
- Interest capitalized | — | — | — | — | — | — | ||||||||||||||||||
- Preference security dividends | — | — | — | — | — | — | ||||||||||||||||||
- Non-controlling interest in pre-tax subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
Total Earnings | $ | 13,071 | $ | 50,022 | $ | 39,866 | $ | 25,688 | $ | 14,691 | $ | 2,941 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
+ Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 56 | $ | 42 | ||||||||||||
+ Amortized premiums related to premiums associated with indebtedness | — | — | — | — | — | — | ||||||||||||||||||
+ Interest within rental expense | — | — | — | — | — | — | ||||||||||||||||||
+ Preference security dividends | — | — | — | — | — | — | ||||||||||||||||||
Total Fixed Charges | $ | — | $ | — | $ | — | $ | — | $ | 56 | $ | 42 | ||||||||||||
Ratio of Earnings to Fixed Charges | N/A | N/A | N/A | N/A | 262.3 | 70.0 | ||||||||||||||||||