Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
TRAC Intermodal LLC
TRAC Intermodal Corp.
The following table sets forth the ratio of earnings to fixed charges for the periods indicated below.
(in thousands of |
| Year Ended December 31, |
| Three Months Ended March 31, |
| |||||||||||||||||
dollars) |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2012 |
| 2013 |
| |||||||
Earnings |
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Earnings (loss) from continuing operations before income taxes |
| $ | 6,769 |
| $ | (8,522 | ) | $ | (36,847 | ) | $ | (7,962 | ) | $ | (5,265 | ) | $ | 2,653 |
| $ | (750 | ) |
Fixed charges |
| 91,074 |
| 83,209 |
| 73,675 |
| 69,342 |
| 79,259 |
| 16,966 |
| 23,925 |
| |||||||
|
| $ | 97,853 |
| $ | 74,687 |
| $ | 36,828 |
| $ | 61,380 |
| $ | 73,994 |
| $ | 19,619 |
| $ | 23,175 |
|
Interest Expense |
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Corporate level interest |
| 91,074 |
| 83,209 |
| 73,675 |
| 69,342 |
| 79,259 |
| 16,966 |
| 23,925 |
| |||||||
|
| $ | 91,074 |
| $ | 83,209 |
| $ | 73,675 |
| $ | 69,342 |
| $ | 79,259 |
| 16,966 |
| 23,925 |
| ||
Ratio of earnings to fixed charges |
| 1.07 |
| .090 | (1) | 0.50 | (1) | 0.89 | (1) | 0.93 | (1) | 1.16 |
| 0.97 | (1) | |||||||
(1) For purposes of computing this ratio of earnings to fixed charges, fixed charges consists of corporate level interest expense which includes an estimate for the interest portion of rental expense. Earnings consists of earnings (loss) from continuing operations before income taxes. Earnings were insufficient to cover fixed charges in 2009, 2010, 2011, 2012 and for the three months ended March 31, 2013 by $8.5 million, $36.8 million, $8.0 million, $5.3 million, and $0.8 million, respectively.