EX-12.1 4 a2234240zex-12_1.htm EX-12.1

Exhibit 12.1

 

Global Partners LP
Ratio of Earnings to Combined Fixed Charges and Preference Dividends

 

 

 

Nine Months
Ended
September 30,

 

December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

(dollars in thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and before adjustment for noncontrolling interest

 

$

39,028

 

$

(238,570

)

$

41,391

 

$

117,943

 

$

41,872

 

$

48,320

 

Plus fixed charges

 

67,355

 

88,099

 

74,800

 

49,078

 

44,752

 

42,973

 

Total earnings (loss)

 

$

106,383

 

$

(150,471

)

$

116,191

 

$

167,021

 

$

86,624

 

$

91,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

65,836

 

$

86,319

 

$

73,332

 

$

47,764

 

$

43,537

 

$

42,021

 

Interest portion of rental expense

 

1,519

 

1,780

 

1,468

 

1,314

 

1,215

 

952

 

Total fixed charges

 

$

67,355

 

$

88,099

 

$

74,800

 

$

49,078

 

$

44,752

 

$

42,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

1.58

 

(1.71

)

1.55

 

3.40

 

1.94

 

2.12

 

 

(a)         We calculated the ratio of earnings to fixed charges by dividing earnings by fixed charges.  Earnings consist of income from continuing operations before income taxes and before adjustment for noncontrolling interest, plus fixed charges.  Fixed charges consist of (i) interest expense, including accretion of senior notes discount and amortization of deferred financing fees, and (ii) the portion of rental expense we estimate to be representative of the interest factor in rent expense.