Exhibit 12.1
CrossAmerica Partners LP
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Year Ended December 31, | Quarter Ended March 31, | |||||||||||||||||||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | 16,354 | (7,525 | ) | 7,920 | 10,262 | 4,939 | (534 | ) | ||||||||||||||||
Plus Fixed Charges: | ||||||||||||||||||||||||
Interest expense | 14,182 | 16,631 | 18,493 | 22,757 | 27,919 | 8,052 | ||||||||||||||||||
Capitalized Interest | — | — | — | — | — | — | ||||||||||||||||||
Portion of rent expense representative of interest expense | — | — | — | — | — | — | ||||||||||||||||||
Less income from equity investees | — | — | (10,528 | ) | (16,048 | ) | (14,906 | ) | 3,805 | |||||||||||||||
Plus distributions received from equity investees | — | — | 9,166 | 16,180 | 14,928 | 3,566 | ||||||||||||||||||
Plus amortization of capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Less capitalized interest | — | — | — | |||||||||||||||||||||
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Adjusted earnings | 30,536 | 9,106 | 25,051 | 33,151 | 32,880 | 7,279 | ||||||||||||||||||
Fixed charges | 14,182 | 16,631 | 18,493 | 22,757 | 27,919 | 8,052 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 2.15 | 0.55 | (a) | 1.35 | 1.46 | 1.18 | 0.90 | (b) | ||||||||||||||||
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Deficiency of earnings to cover fixed charges | — | 7,525 | — | — | — | 773 | ||||||||||||||||||
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| (a) | As a result of the acquisition by CST of our General Partner on October 1, 2014, we recognizedone-time termination benefits and accelerated equity compensation charges totaling $7.0 million. The deficit of earnings to cover fixed charges amounted to $7.5 million for 2014. |
| (b) | Due to the location of many of the sites to which we distribute fuel being in the Northeast or Upper Midwest, the results for the first quarter are affected by seasonality. |
General Note: The Partnership and its Predecessor have not historically capitalized interest as amounts would not be material.
