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, | Nine Months ended September 30, | |||||||||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 2005 | 2004 | ||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and cumulative effect of accounting changes | $ | 7,566 | $ | 4,099 | $ | 296 | $ | (3,037 | ) | $ | 858 | $ | 2,807 | $ | 5,085 | |||||||||||||
Minority interests | 19 | — | — | — | — | 17 | 9 | |||||||||||||||||||||
Fixed charges (as outlined below), less preferred dividends and accretion expense (a) | 7,384 | 3,635 | 1,924 | 841 | 302 | 13,002 | 4,721 | |||||||||||||||||||||
Total earnings, as defined | $ | 14,969 | $ | 7,734 | $ | 2,220 | $ | (2,196 | ) | $ | 1,160 | $ | 15,826 | $ | 9,815 | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest charges (b) | $ | 7,050 | $ | 3,346 | $ | 881 | $ | 478 | $ | 278 | $ | 14,224 | $ | 5,211 | ||||||||||||||
Less: write-off unamortized debt issuance costs (c) | (2,503 | ) | (1,665 | ) | — | — | — | (3,358 | ) | (2,503 | ) | |||||||||||||||||
Interest component of rental expense | 2,837 | 1,954 | 1,043 | 363 | 24 | 2,136 | 2,013 | |||||||||||||||||||||
Preferred dividends and accretion expense (d) | 3,795 | 3,308 | 3,919 | 1,102 | — | 2,032 | 2,755 | |||||||||||||||||||||
Total fixed charges, as defined | $ | 11,179 | $ | 6,943 | $ | 5,843 | $ | 1,944 | $ | 302 | $ | 15,034 | $ | 7,476 | ||||||||||||||
Ratio of earnings to fixed charges | 1.3x | 1.1x | N/A | N/A | 3.8x | 1.1x | 1.3x | |||||||||||||||||||||
Amount of earnings insufficient to cover fixed charges | — | — | $ | 3,623 | $ | 4,139 | — | — | — |
(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. |