Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(dollar amounts in thousands)
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| Nine Months Ended |
| Six Months Ended |
| Three Months Ended |
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Pre-tax income (loss) from continuing operations |
| $ | 35,719 |
| $ | 16,300 |
| $ | (13,941 | ) |
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(Income) loss from equity investees |
| (1,263 | ) | (462 | ) | 200 |
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Fixed charges |
| 58,839 |
| 39,188 |
| 19,629 |
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Distribution of income from equity investee |
| 4,800 |
| 2,000 |
| — |
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Total earnings |
| $ | 98,095 |
| $ | 57,026 |
| $ | 5,888 |
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Interest expense(1) |
| $ | 7,632 |
| $ | 4,994 |
| $ | 2,512 |
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Estimated interest within rent expense(2) |
| 51,207 |
| 34,194 |
| 17,117 |
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Total fixed charges |
| $ | 58,839 |
| $ | 39,188 |
| $ | 19,629 |
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Ratio of earnings to fixed charges |
| 1.67 |
| 1.46 |
| N/A |
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Deficiency of earnings available to cover fixed charges |
| $ | N/A |
| $ | N/A |
| $ | (13,741 | ) |
(1) | Includes interest expense and amortization of premiums, discounts and capitalized expenses related to indebtedness. |
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(2) | Estimated interest within rent expense includes one-third of rental expense, which approximates the interest component of operating leases. |