EX-12.1 5 ratioofearningstofixedchar.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


The Providence Service Corporation
Ratio of Earnings to Fixed Charges


 
 
 
For the Years
 
 
 
Ended December 31,
 
 
 
2013
 
2014
 
2015
 
2016
 
2017
 
 
 
(in thousands, except ratios)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before adjustment for (gain) loss from equity investee
 
$
19,730

 
$
32,800

 
$
876

 
$
8,409

 
$
52,150

 
Add: Fixed charges
 
12,330

 
20,900

 
26,739

 
25,277

 
23,784

 
Less: Noncontrolling interest in pre-tax income (loss) of subsidiaries that have not incurred fixed charges
 
—

 
—

 
(502
)
 
(2,082
)
 
451

 
Earnings
 
$
32,060

 
$
53,700

 
$
28,117

 
$
35,768

 
$
75,483

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
7,032

 
$
10,424

 
$
2,456

 
$
1,767

 
$
1,637

 
Interest element of rentals
 
5,298

 
10,476

 
20,348

 
19,091

 
17,729

 
Preferred dividend
 
—

 
—

 
3,935

 
4,417

 
4,418

 
Fixed charges
 
$
12,330

 
$
20,900

 
$
26,739

 
$
25,275

 
$
23,784

Ratio of earnings to fixed charges
 
2.60

 
2.57

 
1.05

 
1.42

 
3.17