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, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
(Loss) income before income taxes and cumulative effect of accounting changes | $ | (19 | ) | $ | (3,688 | ) | $ | 9,381 | $ | 5,288 | $ | 138 | ||||||||
Minority interests | (225 | ) | 15 | 19 | — | — | ||||||||||||||
Fixed charges (as outlined below), less preferred dividends and accretion expense (a) | 26,914 | 20,202 | 8,072 | 4,098 | 1,913 | |||||||||||||||
Total earnings, as defined | $ | 26,670 | $ | 16,529 | $ | 17,472 | $ | 9,386 | $ | 2,051 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest charges (b) | $ | 25,072 | $ | 22,426 | $ | 5,235 | $ | 2,157 | $ | 1,039 | ||||||||||
Less: write-off unamortized debt issuance costs (c) | (534 | ) | (5,038 | ) | — | (13 | ) | (169 | ) | |||||||||||
Interest component of rental expense | 2,376 | 2,814 | 2,837 | 1,954 | 1,043 | |||||||||||||||
Preferred dividends (d) | — | 1,770 | 3,735 | 3,314 | 2,888 | |||||||||||||||
Total fixed charges, as defined | $ | 26,914 | $ | 21,972 | $ | 11,807 | $ | 7,412 | $ | 4,801 | ||||||||||
Ratio of earnings to fixed charges | N/A | N/A | 1.5 | x | 1.3 | x | N/A | |||||||||||||
Amount of earnings insufficient to cover fixed charges | $ | 244 | $ | 5,443 | — | — | $ | 2,750 |
(a) | Excludes preferred dividends and accretion expense as such amounts were not deducted in arriving at the (loss) income before income taxes 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. |