Exhibit 12.1
CARDTRONICS, INC. AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands)
RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands)
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
(Loss) income before income taxes and cumulative effect of accounting changes | $ | (4,027 | ) | $ | (4,360 | ) | $ | (22,454 | ) | $ | (19 | ) | $ | (3,688 | ) | $ | 9,381 | $ | 5,288 | |||||||||
Minority interests | — | (112 | ) | (376 | ) | (225 | ) | 15 | 19 | — | ||||||||||||||||||
Fixed charges (as outlined below), less preferred dividends (a) | 8,721 | 6,692 | 33,079 | 26,914 | 20,202 | 8,072 | 4,098 | |||||||||||||||||||||
Total earnings, as defined | $ | 4,694 | $ | 2,220 | $ | 10,249 | $ | 26,670 | $ | 16,529 | $ | 17,472 | $ | 9,386 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest charges (b) | $ | 8,140 | $ | 6,248 | $ | 31,164 | $ | 25,072 | $ | 22,426 | $ | 5,235 | $ | 2,157 | ||||||||||||||
Less: Write-off of unamortized debt issuance costs (c) | — | — | — | (534 | ) | (5,038 | ) | — | (13 | ) | ||||||||||||||||||
Plus: Interest component of rental expense | 581 | 444 | 1,915 | 2,376 | 2,814 | 2,837 | 1,954 | |||||||||||||||||||||
Plus: Preferred dividends (d) | — | — | — | — | 1,770 | 3,735 | 3,314 | |||||||||||||||||||||
Plus: Total fixed charges, as defined | $ | 8,721 | $ | 6,692 | $ | 33,079 | $ | 26,914 | $ | 21,972 | $ | 11,807 | $ | 7,412 | ||||||||||||||
Ratio of earnings to fixed charges | N/A | N/A | N/A | N/A | N/A | 1.5x | 1.3x | |||||||||||||||||||||
Amount of earnings insufficient to cover fixed charges | $ | 4,027 | $ | 4,472 | $ | 22,830 | $ | 244 | $ | 5,443 | — | — |
(a) | Excludes preferred dividends as such amounts were not deducted in arriving at the (loss) income before income taxes and cumulative effect of accounts changes amounts reflected above. | |
(b) | Includes the amortization of debt discount and the amortization and write-off of debt issuance costs. | |
(c) | Amounts included in the interest charges line 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. |