EX-12.1 114 a2228078zex-12_1.htm EX-12.1

Exhibit 12.1

 

INTERVAL LEISURE GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except for ratios)

(Unaudited)

 

 

 

Years Ended December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings before income taxes and noncontrolling interest

 

116,335

 

126,999

 

127,194

 

64,961

 

66,052

 

Less: equity earnings of unconsolidated entities

 

(4,916

)

(4,630

)

 

 

 

Less: capitalized interest expense

 

(366

)

(195

)

(48

)

(140

)

(142

)

Less: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

(1,933

)

(3,018

)

(565

)

(7

)

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

21,767

 

7,344

 

6,220

 

25,769

 

35,717

 

Interest portion of rental expense

 

2,411

 

2,549

 

2,222

 

2,155

 

1,914

 

Earnings

 

133,298

 

129,049

 

135,023

 

92,738

 

103,541

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

21,767

 

7,344

 

6,220

 

25,769

 

35,717

 

Interest portion of rental expense(1)

 

2,411

 

2,549

 

2,222

 

2,155

 

1,914

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

24,178

 

9,893

 

8,442

 

27,924

 

37,631

 

Ratio of earnings to fixed charges

 

5.5

 

13.0

 

16.0

 

3.3

 

2.8

 

 


(1)         The ratio of earnings to fixed charges has been calculated by dividing ILG and its consolidated subsidiaries’ (1) earnings by (2) fixed charges. Earnings consists of earnings before income taxes and noncontrolling interests, plus fixed charges, less capitalized interest expense. Fixed charges consist of interest expense and a portion of rental expense that management believes is representative of the interest component of rental expense.