STORE Capital Corporation
Statements re Computation of Ratios
(in thousands, except ratios)
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| From |
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| Inception |
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| (May 17, |
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| 2011) |
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| Through |
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| Year ended December 31, |
| December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Earnings: |
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Income (loss) from continuing operations before income taxes |
| $ | 84,044 |
| $ | 47,179 |
| $ | 22,473 |
| $ | 7,367 |
| $ | (2,694) |
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Add: Fixed charges |
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| 82,541 |
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| 68,534 |
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| 39,180 |
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| 11,472 |
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| 1,120 |
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Less: Interest capitalized |
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| (759) |
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| (575) |
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| — |
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| — |
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| — |
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Total earnings available for fixed charges |
| $ | 165,826 |
| $ | 115,138 |
| $ | 61,653 |
| $ | 18,839 |
| $ | (1,574) |
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Fixed Charges: |
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Interest expense on indebtedness, net of amounts capitalized |
| $ | 76,034 |
| $ | 60,813 |
| $ | 34,994 |
| $ | 9,371 |
| $ | 601 |
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Amortization of deferred financing costs and other |
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| 5,748 |
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| 7,146 |
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| 4,186 |
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| 2,101 |
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| 519 |
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Add back: Interest capitalized |
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| 759 |
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| 575 |
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| — |
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Total fixed charges |
| $ | 82,541 |
| $ | 68,534 |
| $ | 39,180 |
| $ | 11,472 |
| $ | 1,120 |
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Ratio of earnings from continuing operations to fixed charges |
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| 2.0 |
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| 1.7 |
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| 1.6 |
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| 1.6 |
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| (a) |
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Fixed charges |
| $ | 82,541 |
| $ | 68,534 |
| $ | 39,180 |
| $ | 11,472 |
| $ | 1,120 |
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Preferred stock dividends |
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| — |
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| 14 |
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| 16 |
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| 15 |
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Combined fixed charges and preferred stock dividends |
| $ | 82,541 |
| $ | 68,548 |
| $ | 39,196 |
| $ | 11,487 |
| $ | 1,120 |
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Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends |
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| 2.0 |
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| 1.7 |
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| 1.6 |
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| 1.6 |
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| (a) |
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(a) | The Company was formed on May 17, 2011. As a result, financial data is limited to the period from inception through December 31, 2011 and earnings for this period were inadequate to cover fixed charges by $2.7 million. |