Exhibit 12
Covenant Transportation Group, Inc.,
Statement of Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Operating income | $ | 36,671 | $ | 28,155 | $ | 32,447 | $ | 67,782 | $ | 39,646 | $ | 20,394 | ||||||||||||
Fixed charges (per below) | 10,069 | 12,505 | 11,989 | 13,565 | 18,951 | 19,694 | ||||||||||||||||||
Distributed income of equity investee | - | 1,960 | 1,470 | - | 307 | 65 | ||||||||||||||||||
Less: Interest capitalized | (31 | ) | (45 | ) | (46 | ) | (130 | ) | (80 | ) | (50 | ) | ||||||||||||
Total earnings | $ | 46,709 | $ | 42,575 | $ | 45,860 | $ | 81,217 | $ | 58,824 | $ | 40,103 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 6,368 | $ | 8,044 | $ | 7,924 | $ | 8,182 | $ | 10,551 | $ | 10,155 | ||||||||||||
Interest capitalized | 31 | 45 | 46 | 130 | 80 | 50 | ||||||||||||||||||
Capitalized expenses related to indebtedness | 10 | 161 | 107 | 243 | 49 | 357 | ||||||||||||||||||
Estimated interest factor in rental expense | 3,660 | 4,255 | 3,912 | 5,010 | 8,271 | 9,132 | ||||||||||||||||||
Total fixed charges | $ | 10,069 | $ | 12,505 | $ | 11,989 | $ | 13,565 | $ | 18,951 | $ | 19,694 | ||||||||||||
Ratio of earnings to fixed charges | 4.6 | x | 3.4 | x | 3.8 | x | 6.0 | x | 3.1 | x | 2.0 | x |
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