Exhibit 12.1
Landmark Infrastructure Partners LP
Ratio of Earnings to Fixed Charges(3)
| | Landmark Infrastructure Partners LP | | | Predecessor to Landmark Infrastructure Partners LP(3) | |
| | Year Ended
December 31, 2015 | | Year Ended
December 31,
2014 | | Period From
November 19 to
December 31,
2014 | | | Period From
January 1, 2014
to November 19,
2014 | | Year Ended
December 31, 2013 | | Year Ended
December 31, 2012 | |
| | | | | | | | | | | | | | |
Earnings:(1) | | | | | | | | | | | | | | |
Income before income taxes | | $ | (434,080 | ) | $ | 2,860,628 | | $ | (2,698,348 | ) | | $ | 5,558,976 | | $ | 5,647,830 | | $ | 1,082,382 | |
Add (deduct): | | | | | | | | | | | | | | |
Fixed charges | | 8,398,089 | | 7,831,847 | | 360,689 | | | 7,471,158 | | 5,406,753 | | 1,957,834 | |
Capitalized interest | | — | | — | | — | | | — | | — | | — | |
Total earnings | | $ | 7,964,009 | | $ | 10,692,475 | | $ | (2,337,659 | ) | | $ | 13,030,134 | | $ | 11,054,583 | | $ | 3,040,216 | |
Fixed charges:(1) | | | | | | | | | | | | | | |
Interest expense | | $ | 8,398,089 | | $ | 7,831,847 | | $ | 360,689 | | | $ | 7,471,158 | | $ | 5,406,753 | | $ | 1,957,834 | |
Capitalized interest | | — | | — | | — | | | — | | — | | — | |
Estimate of interest within rental expense | | — | | — | | — | | | — | | — | | — | |
Total fixed charges | | $ | 8,398,089 | | $ | 7,831,847 | | $ | 360,689 | | | $ | 7,471,158 | | $ | 5,406,753 | | $ | 1,957,834 | |
| | | | | | | | | | | | | | |
Ratio of Earnings to Fixed Charges | | — | (2) | 1.37x | | — | (2) | | 1.74x | | 2.04x | | 1.55x | |
(1) For purposes of this presentation, earnings represent income before income taxes adjusted for fixed charges and capitalized interest. Fixed charges consist of interest expensed and capitalized, amortization of deferred loan costs and estimate of interest in rent expense.
(2) Earnings were inadequate to cover fixed charges by $0.4 million and $2.7 million for the year ended December 31, 2015 and for the period from November 19, 2014 to December 31, 2014, respectively.
(3) Prior-period financial information has been retroactively adjusted for certain assets acquired during the year ended December 31, 2015. For further information, see the financial statements and the accompanying notes and other information included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015.
