EXHIBIT 12.1
PERFORMANT FINANCIAL CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31 | | Nine Months Ended September 30, 2014 |
| | 2009 | | 2010 | | 2011 | | 2012 | | 2013 | |
| Income before provision for income taxes | $ | 8,081 |
| | $ | 16,639 |
| | $ | 19,888 |
| | $ | 39,737 |
| | $ | 61,306 |
| | $ | 20,378 |
|
| Add: | | | | | | | | | | | |
| Fixed charges | 16,653 |
| | 15,875 |
| | 14,175 |
| | 16,906 |
| | 12,418 |
| | 8,476 |
|
| Earnings available for fixed charges | $ | 24,734 |
| | $ | 32,514 |
| | $ | 34,063 |
| | $ | 56,643 |
| | $ | 73,724 |
| | $ | 28,854 |
|
| | | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | | |
| Interest expense | $ | 16,017 |
| | $ | 15,230 |
| | $ | 13,530 |
| | $ | 12,414 |
| | $ | 11,564 |
| | $ | 7,766 |
|
| Debt financing expense | — |
| | — |
| | — |
| | 3,679 |
| | — |
| | — |
|
| Estimated interest portion of rental expense | 637 |
| | 644 |
| | 645 |
| | 813 |
| | 855 |
| | 710 |
|
| Total fixed charges(2) | $ | 16,653 |
| | $ | 15,875 |
| | $ | 14,175 |
| | $ | 16,906 |
| | $ | 12,418 |
| | $ | 8,476 |
|
| | | | | | | | | | | | |
| Ratio of Earnings to Fixed Charges(1) | 1.49 |
| | 2.05 |
| | 2.40 |
| | 3.35 |
| | 5.94 |
| | 3.40 |
|
(1) The ratio of earnings to fixed charges is computed by dividing earnings before taxes plus fixed charges by fixed charges. Fixed charges consist of interest expense, debt financing expense and the estimated portion of rental expense deemed by us to be representative of the interest factor of rental payments under operating leases.
(2) The sum of the interest expense, the debt financing expense (if any), and the estimated portion of interest expense of rental expense may not equal the total fixed charges due to rounding.
