Exhibit 12.1
OUTFRONT MEDIA INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, | ||||||||||||||||||||
(in millions, except ratios) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $ | (28.8 | ) | $ | 98.0 | $ | 237.6 | $ | 200.2 | $ | 193.2 | |||||||||
Add: | ||||||||||||||||||||
Fixed charges | 240.3 | 191.0 | 97.5 | 94.5 | 93.8 | |||||||||||||||
Distributions from investee companies | 7.7 | 7.4 | 4.4 | 6.4 | 6.2 | |||||||||||||||
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Total earnings from continuing operations | $ | 219.2 | $ | 296.4 | $ | 339.5 | $ | 301.1 | $ | 293.2 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expensed | $ | 108.5 | $ | 73.1 | $ | 0.2 | $ | 0.1 | $ | 0.7 | ||||||||||
Amortization of deferred financing costs and debt discount and premium | 6.3 | 12.1 | — | — | — | |||||||||||||||
Estimated interest within rental expense | 125.5 | 105.8 | 97.3 | 94.4 | 93.1 | |||||||||||||||
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Total fixed charges | $ | 240.3 | $ | 191.0 | $ | 97.5 | $ | 94.5 | $ | 93.8 | ||||||||||
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Ratio of earnings to fixed charges | (a | ) | 1.6x | 3.5x | 3.2x | 3.1x | ||||||||||||||
| (a) | For the year ended December 31, 2015, earnings from continuing operations were less than total fixed charges by $21.1 million, due primarily to a non-cash loss on real estate assets held for sale. |
