Exhibit 12.1
CARDTRONICS, INC. AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands)
Years ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income (loss) before income taxes and cumulative effect of accounting changes | $ | 23,820 | $ | 9,522 | $ | (70,386 | ) | $ | (23,004 | ) | $ | (244 | ) | |||||||
Fixed charges (as outlined below), less preferred dividends (a) | 30,528 | 34,624 | 35,614 | 33,079 | 26,914 | |||||||||||||||
Total earnings, as defined | $ | 54,348 | $ | 44,146 | $ | (34,772 | ) | $ | 10,075 | $ | 26,670 | |||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest charges (b) | $ | 35,954 | $ | 32,528 | $ | 33,197 | $ | 31,164 | $ | 25,072 | ||||||||||
Less: Write-off unamortized debt issuance costs (c) | (7,296 | ) | - | - | - | (534 | ) | |||||||||||||
Interest component of vault cash costs | - | - | - | - | - | |||||||||||||||
Interest component of rental expense | 1,870 | 2,096 | 2,417 | 1,915 | 2,376 | |||||||||||||||
Preferred dividends (d) | - | - | - | - | - | |||||||||||||||
Total fixed charges, as defined | $ | 30,528 | $ | 34,624 | $ | 35,614 | $ | 33,079 | $ | 26,914 | ||||||||||
Ratio of earnings to fixed charges | 1.78 | x | 1.28 | x | N/A | N/A | N/A | |||||||||||||
Amount of earnings insufficient to cover fixed charges | - | - | $ | 70,386 | $ | 23,004 | $ | 244 |
(a) Excludes preferred dividends 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 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. |