Exhibit 12.1
CARDTRONICS, INC. AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands)
RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands)
Years ended December 31, | Three Months ended March 31, | |||||||||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2006 | 2005 | ||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and cumulative effect of accounting changes | $ | (3,688 | ) | $ | 9,381 | $ | 5,288 | $ | 138 | $ | (3,036 | ) | $ | (4,759 | ) | $ | 890 | |||||||||||
Minority interests | 15 | 19 | — | — | — | (8 | ) | 11 | ||||||||||||||||||||
Fixed charges (as outlined below), less preferred dividends and accretion expense (a) | 20,202 | 8,072 | 4,098 | 1,913 | 841 | 6,701 | 2,926 | |||||||||||||||||||||
Total earnings, as defined | $ | 16,529 | $ | 17,472 | $ | 9,386 | $ | 2,051 | $ | (2,195 | ) | $ | 1,934 | $ | 3,827 | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest charges (b) | $ | 22,426 | $ | 5,235 | $ | 2,157 | $ | 1,039 | $ | 478 | $ | 6,542 | $ | 2,187 | ||||||||||||||
Less: write-off unamortized debt issuance costs (c) | (5,038 | ) | — | (13 | ) | (169 | ) | — | (534 | ) | — | |||||||||||||||||
Interest component of rental expense | 2,814 | 2,837 | 1,954 | 1,043 | 363 | 693 | 739 | |||||||||||||||||||||
Preferred dividends and accretion expense (d) | 2,046 | 3,795 | 3,308 | 2,885 | 1,102 | — | 1,817 | |||||||||||||||||||||
Total fixed charges, as defined | $ | 22,248 | $ | 11,867 | $ | 7,406 | $ | 4,798 | $ | 1,943 | $ | 6,701 | $ | 4,743 | ||||||||||||||
Ratio of earnings to fixed charges | N/A | 1.5x | 1.3x | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Amount of earnings insufficient to cover fixed charges | $ | 5,719 | — | — | $ | 2,747 | $ | 4,138 | $ | 4,767 | $ | 916 |
(a) | Excludes preferred dividends and accretion expense as such amounts were not deducted in arriving at the income (loss) before income tax amounts reflected above. | |
(b) | Includes the amortization of debt discount and the amortization and write-off of debt issuance costs. | |
(c) | Amounts included in interest charges line item above. As such, it is backed out separately from the computation of fixed charges. | |
(d) | Amounts have been grossed-up at the Company’s effective tax rate for each applicable period. |