Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
JACK COOPER HOLDINGS CORP.
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
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| Six Months Ended |
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| Years Ended December 31, |
| June 30, |
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(in thousands) |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 2014 |
| 2015 |
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Earnings: |
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Loss before income taxes |
| $ | (32,078 | ) | $ | (26,242 | ) | $ | (5,491 | ) | $ | (53,273 | ) | $ | (61,515 | ) | $ | (26,637 | ) | $ | (41,480 | ) |
Less: |
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Net loss (income) attributable to non-controlling interests |
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| (44 | ) | 417 |
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Add: |
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Fixed charges |
| 22,482 |
| 26,233 |
| 30,400 |
| 63,287 |
| 47,228 |
| 22,541 |
| 23,973 |
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Total Earnings: |
| $ | (9,596 | ) | $ | (53 | ) | $ | 25,326 |
| $ | 10,014 |
| $ | (14,287 | ) | $ | (4,096 | ) | $ | (17,507 | ) |
Fixed Charges: |
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Interest Expense |
| 20,207 |
| 23,303 |
| 26,762 |
| 59,631 |
| 41,499 |
| 19,649 |
| 21,393 |
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Approximation of interest in rental expense |
| 2,275 |
| 2,930 |
| 3,638 |
| 3,656 |
| 5,729 |
| 2,892 |
| 2,580 |
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Total Fixed Charges: |
| $ | 22,482 |
| $ | 26,233 |
| $ | 30,400 |
| $ | 63,287 |
| $ | 47,228 |
| $ | 22,541 |
| $ | 23,973 |
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Ratio of Earnings to Fixed Charges (a) |
| N/A |
| N/A |
| 0.83 |
| 0.16 |
| N/A |
| N/A |
| N/A |
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We computed the ratio of earnings to fixed charges by dividing earnings by the sum of our fixed charges. For purposes of computing this ratio, “earnings” calculated in accordance with Item 503(d) of Regulation S-K consisted of (i) net loss before income taxes less (ii) net loss (income) attributable to non-controlling interest plus (iii) fixed charges. “Fixed charges” calculated in accordance with Item 503(d) of regulation S-K consisted of interest on all indebtedness, amoritzation of debt expense, plus an approximation of interest in rental expense. For purposes of this calculation, management estimates approximately one-third of rent expense is representative of interest expense.
(a) Earnings were insufficient to cover fixed charges by $32.1 million, $26.3 million, $61.5 million, $26.6 million, and $41.5 million for the years ended December 31, 2010, 2011, 2014 and for the six months ended June 30, 2014 and 2015, respectively.
