EX-12.1 5 a2234659zex-12_1.htm EX-12.1

Exhibit 12.1

 

TravelCenters of America LLC
Statement of Computation of Ratio of Earnings to Fixed Charges

 

 

 

Years Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except ratio amounts)

 

(Loss) income before income taxes, income from equity investees and noncontrolling interests

 

$

(76,133

)

$

(8,206

)

$

40,202

 

$

95,768

 

$

2,331

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions received from equity investees

 

4,800

 

3,000

 

4,800

 

—

 

—

 

Fixed charges

 

123,381

 

118,248

 

106,344

 

93,101

 

90,880

 

Amortization of capitalized interest

 

136

 

90

 

30

 

41

 

31

 

Capitalized interest

 

(510

)

(2,377

)

(1,797

)

(755

)

(1,033

)

Total earnings

 

$

51,674

 

$

110,755

 

$

149,579

 

$

188,155

 

$

92,209

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

30,495

 

$

28,438

 

$

24,425

 

$

17,241

 

$

17,650

 

Estimated interest within real estate rent expense(2)

 

92,376

 

87,433

 

80,122

 

75,105

 

72,197

 

Capitalized interest

 

510

 

2,377

 

1,797

 

755

 

1,033

 

Total fixed charges

 

$

123,381

 

$

118,248

 

$

106,344

 

$

93,101

 

$

90,880

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

0.42

 

0.94

 

1.41

 

2.02

 

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges

 

$

(71,707

)

$

(7,493

)

$

N/A

 

$

N/A

 

$

N/A

 

 

(1)         Includes interest expense and amortization of premiums and discounts related to indebtedness.

 

(2)         Estimated interest within real estate rent expense includes one third of real estate rent expense, which approximates the interest component of our operating leases.