Exhibit 12.1
CrossAmerica Partners LP
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Year Ended December 31, | ||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | 16,354 | (7,525 | ) | 7,920 | 10,262 | 4,939 | ||||||||||||||
Plus Fixed Charges: | ||||||||||||||||||||
Interest expense | 14,182 | 16,631 | 18,493 | 22,757 | 27,919 | |||||||||||||||
Capitalized Interest | — | — | — | — | — | |||||||||||||||
Portion of rent expense representative of interest expense | — | — | — | — | — | |||||||||||||||
Less income from equity investees | — | — | (10,528 | ) | (16,048 | ) | (14,906 | ) | ||||||||||||
Plus distributions received from equity investees | — | — | 9,166 | 16,180 | 14,928 | |||||||||||||||
Plus amortization of capitalized interest | — | — | — | — | — | |||||||||||||||
Less capitalized interest | — | — | — | |||||||||||||||||
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Adjusted earnings | 30,536 | 9,106 | 25,051 | 33,151 | 32,880 | |||||||||||||||
Fixed charges | 14,182 | 16,631 | 18,493 | 22,757 | 27,919 | |||||||||||||||
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Ratio of earnings to fixed charges | 2.15 | 0.55 | (a) | 1.35 | 1.46 | 1.18 | ||||||||||||||
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Deficiency of earnings to cover fixed charges | — | 7,525 | — | — | — | |||||||||||||||
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(a) | As a result of the acquisition by CST of our General Partner on October 1, 2014, we recognizedone-time termination benefits and accelerated equity compensation charges totaling $7.0 million. The deficit of earnings to cover fixed charges amounted to $7.5 million for 2014. |
General Note: The Partnership and its Predecessor have not historically capitalized interest as amounts would not be material.