Exhibit 12.1
SUSSER PETROLEUM PARTNERS LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
|
| Nine Months |
| For the Year Ended December 31, |
| ||||||||||||||
|
| 2013(1) |
| 2012(2) |
| 2011(3) |
| 2010(3) |
| 2009(3) |
| 2008(3) |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income before income taxes |
| $ | 27,802 |
| $ | 22,603 |
| $ | 16,637 |
| $ | 14,452 |
| $ | 13,345 |
| $ | 19,095 |
|
Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Fixed charges |
| 2,827 |
| 2,070 |
| 1,672 |
| 1,439 |
| 769 |
| 400 |
| ||||||
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Total earnings |
| 30,629 |
| 24,673 |
| 18,309 |
| 15,891 |
| 14,114 |
| 19,495 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense, net of capitalized interest |
| 2,318 |
| 940 |
| 412 |
| 332 |
| 309 |
| 97 |
| ||||||
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Amortization of debt issuance costs |
| 286 |
| 102 |
| — |
| — |
| — |
| — |
| ||||||
Implicit interest in rents |
| 223 |
| 1,028 |
| 1,260 |
| 1,107 |
| 460 |
| 303 |
| ||||||
Total fixed charges |
| 2,827 |
| 2,070 |
| 1,672 |
| 1,439 |
| 769 |
| 400 |
| ||||||
Ratio of earnings to fixed charges |
| 10.83 |
| 11.92 |
| 10.95 |
| 11.05 |
| 18.36 |
| 48.76 |
| ||||||
(1) Ratio represents our activity.
(2) Ratio represents our predecessor’s activity prior to September 25, 2012, and our activity beginning September 25, 2012.
(3) Ratio represents our predecessor’s activity
For purposes of calculating the ratio of consolidated earnings to fixed charges:
· “earnings” is the aggregate of the following items: pre-tax income or loss; plus fixed charges; plus amortization of capitalized interest; and less capitalized interest; and
· “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction.