Exhibit 12.1
USD Partners LP
Ratio of Earnings to Fixed Charges
For the Three | ||||||||||||||||||||
Months Ended | For the year ended December 31, | |||||||||||||||||||
March 31, 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Consolidated net income (loss) | $ | 2,150 | $ | 17,693 | $ | (7,678 | ) | $ | 6,402 | $ | 460,577 | |||||||||
Less: Income from discontinued operations | — | — | 948 | 65,204 | ||||||||||||||||
Gain on sale of discontinued operations | — | — | — | 7,295 | 394,318 | |||||||||||||||
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Income (loss) from continuing operations | 2,150 | 17,693 | (7,678 | ) | (1,841 | ) | 1,055 | |||||||||||||
Add: Provision for income taxes | 1,797 | 5,755 | 186 | 30 | 26 | |||||||||||||||
Loss (income) from equity investees | — | — | — | — | — | |||||||||||||||
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Pre-tax income from continuing ops before adjustment for income or loss from equity investees | 3,947 | 23,448 | (7,492 | ) | (1,811 | ) | 1,081 | |||||||||||||
Add: Fixed charges | 2,725 | 8,447 | 8,142 | 7,901 | 7,479 | |||||||||||||||
Amortization of capitalized interest | 3 | 12 | 6 | |||||||||||||||||
Distributed income of equity investees | — | — | — | — | — | |||||||||||||||
Less: Capitalized interest | — | — | 230 | — | — | |||||||||||||||
Preference security dividend requirements | — | — | — | — | — | |||||||||||||||
Non-controlling interest | — | — | — | — | — | |||||||||||||||
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Earnings | 6,675 | 31,907 | 426 | 6,090 | 8,560 | |||||||||||||||
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Fixed Charges | ||||||||||||||||||||
Interest expense | 1,968 | 3,709 | 3,769 | 1,821 | 834 | |||||||||||||||
Capitalized interest | — | — | 230 | — | — | |||||||||||||||
Discount amortization | — | — | — | — | — | |||||||||||||||
Premium accretion | — | — | — | — | — | |||||||||||||||
Amortization of deferred financing costs | 215 | 659 | 1,056 | 1,420 | 1,216 | |||||||||||||||
Estimated interest within rent expense | 542 | 4,079 | 3,087 | 4,660 | 5,429 | |||||||||||||||
Preference security distribution requirements | — | — | — | — | — | |||||||||||||||
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Total fixed charges | $ | 2,725 | $ | 8,447 | $ | 8,142 | $ | 7,901 | $ | 7,479 | ||||||||||
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Preferred security distributions | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
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Combined fixed charges and preferred security distributions | $ | 2,725 | $ | 8,447 | $ | 8,142 | $ | 7,901 | $ | 7,479 | ||||||||||
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Ratio of earnings to fixed charges | 2.45 | 3.78 | 0.05 | 0.77 | 1.14 | |||||||||||||||
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Ratio of earnings to combined fixed charges and preferred security distributions | 2.45 | 3.78 | 0.05 | 0.77 | 1.14 | |||||||||||||||
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Calculation of Estimated interest within rent expense | ||||||||||||||||||||
Gross rent expense | $ | 1,627 | $ | 12,238 | $ | 9,262 | $ | 13,979 | $ | 16,288 | ||||||||||
Applicable rate | 33.3 | % | 33.3 | % | 33.3 | % | 33.3 | % | 33.3 | % | ||||||||||
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Estimated interest within rent expense | $ | 542 | $ | 4,079 | $ | 3,087 | $ | 4,660 | $ | 5,429 | ||||||||||
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1) | The ratio coverage in 2014 was less than 1:1. We would have needed to generate additional earnings of approximately $7.7 million to achieve a coverage ratio of 1:1 in 2014. |
2) | The ratio coverage in 2013 was less than 1:1. We would have needed to generate additional earnings of approximately $1.8 million to achieve a coverage ratio of 1:1 in 2013. |