Exhibit 12.1
CrossAmerica Partners LP
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Predecessor | CrossAmerica Partners LP | |||||||||||||||||||||||||||
| Year Ended December 31, | January 1 to October 30, | October 31, to December 31, | Year Ended December 31, | Nine months ended September 30, | ||||||||||||||||||||||||
| 2011(1)(2) | 2012(1)(2) | 2012(1)(2) | 2013(3) | 2014(3) | 2015(3) | 2016(3) | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 10,689 | 2,805 | (1,014 | ) | 16,354 | (7,525 | ) | 7,920 | 9,242 | |||||||||||||||||||
Plus Fixed Charges: | ||||||||||||||||||||||||||||
Interest Expense | 12,150 | 11,134 | 2,355 | 14,182 | 16,631 | 18,493 | 16,403 | |||||||||||||||||||||
Capitalized Interest | — | — | — | — | — | — | — | |||||||||||||||||||||
Portion of rent expense representative of interest expense | — | — | — | — | — | — | — | |||||||||||||||||||||
Less income from equity investees | (10,528 | ) | (12,318 | ) | ||||||||||||||||||||||||
Plus distributions received from equity investees | — | — | — | 9,166 | 12,414 | |||||||||||||||||||||||
Plus amortization of capitalized interest | — | — | — | |||||||||||||||||||||||||
Less capitalized interest | — | — | — | — | — | — | — | |||||||||||||||||||||
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Adjusted earnings | 22,839 | 13,939 | 1,341 | 30,536 | 9,106 | 25,051 | 25,741 | |||||||||||||||||||||
Fixed charges | 12,150 | 11,134 | 2,355 | 14,182 | 16,631 | 18,493 | 16,403 | |||||||||||||||||||||
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Ratio of earnings to fixed charges | 1.88 | 1.25 | 0.57 | 2.15 | 0.55 | 1.35 | 1.57 | |||||||||||||||||||||
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Deficiency of earnings to cover fixed charges | — | — | 1,014 | — | 7,525 | — | — | |||||||||||||||||||||
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| (1) | As reported in the 10-K filed on March 28, 2013, interest expense is amount of cash interest paid as reported on the cash flow |
| (2) | As reported in the S-3 filed in December 2013—note that for interest expense, we utilized the actual cash paid as it was concluded this was a better approximation of our true fixed charges. |
| (3) | Interest expense was used rather than cash interest, which was used for periods prior to 2013—immaterial to revise prior years |
General Note: The Partnership and its Predecessor have not historically capitalized interest as amounts would not be material.
