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Content analysis
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Exhibit 12.1
STORE Capital Corporation
Statements re Computation of Ratios
(in thousands, except ratios)
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| Year ended December 31, |
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Earnings: |
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Income from continuing operations before income taxes |
| $ | 162,491 |
| $ | 123,683 |
| $ | 84,044 |
| $ | 47,179 |
| $ | 22,473 |
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Add: Fixed charges |
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| 121,720 |
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| 105,998 |
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| 82,541 |
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| 68,534 |
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| 39,180 |
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Less: Interest capitalized |
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| (1,242) |
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| (818) |
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| (759) |
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| (575) |
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| — |
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Total earnings available for fixed charges |
| $ | 282,969 |
| $ | 228,863 |
| $ | 165,826 |
| $ | 115,138 |
| $ | 61,653 |
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Fixed Charges: |
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Interest expense on indebtedness, net of amounts capitalized |
| $ | 110,500 |
| $ | 97,913 |
| $ | 75,275 |
| $ | 60,813 |
| $ | 34,994 |
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Amortization of deferred financing costs and other |
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| 9,978 |
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| 7,267 |
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| 6,507 |
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| 7,146 |
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| 4,186 |
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Add back: Interest capitalized |
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| 1,242 |
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| 818 |
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| 759 |
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| 575 |
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| — |
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Total fixed charges |
| $ | 121,720 |
| $ | 105,998 |
| $ | 82,541 |
| $ | 68,534 |
| $ | 39,180 |
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Ratio of earnings from continuing operations to fixed charges |
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| 2.3 |
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| 2.2 |
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| 2.0 |
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| 1.7 |
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| 1.6 |
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Fixed charges |
| $ | 121,720 |
| $ | 105,998 |
| $ | 82,541 |
| $ | 68,534 |
| $ | 39,180 |
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Preferred stock dividends |
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| — |
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| — |
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| — |
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| 14 |
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| 16 |
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Combined fixed charges and preferred stock dividends |
| $ | 121,720 |
| $ | 105,998 |
| $ | 82,541 |
| $ | 68,548 |
| $ | 39,196 |
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Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends |
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| 2.3 |
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| 2.2 |
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| 2.0 |
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| 1.7 |
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| 1.6 |
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