EX-12.1 5 ex-12ratio2017uni.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


ENSTAR GROUP LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated.
 
Years Ended December 31,
 
Six Months Ended June 30, 2017(1)
 
2016
 
2015
 
2014
 
2013
 
2012
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
14,441

 
20,642

 
19,403

 
12,922

 
12,389

 
8,426

Assumed interest component of rent expense(1)
1,535

 
3,230

 
3,696

 
3,397

 
1,851

 
1,298

Total fixed charges
15,976

 
23,872

 
23,099

 
16,319

 
14,240

 
9,724

 
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
Pre-tax earnings from continuing operations before noncontrolling interest and income from equity investees
180,135

 
327,324

 
225,022

 
227,298

 
253,160

 
231,636

Add fixed charges
15,976

 
23,872

 
23,099

 
16,319

 
14,240

 
9,724

Add amortization of capitalized interest
—

 
—

 
—

 
—

 
—

 
—

Add distributed income of equity investees
—

 
—

 
—

 
—

 
—

 
—

Less interest capitalized
—

 
—

 
—

 
—

 
—

 
—

Less preference security dividend requirements of consolidated subsidiaries (not preferred dividends of parent)
—

 
—

 
—

 
—

 
—

 
—

Less noncontrolling interest pre-tax earnings of subsidiaries that have not incurred fixed charges
(27,829
)
 
(42,112
)
 
9,918

 
(17,640
)
 
(20,503
)
 
(29,376
)
Total earnings
168,283

 
309,084

 
258,039

 
225,977

 
246,897

 
211,984

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)
10.5

 
13.0

 
11.2

 
13.9

 
17.3

 
21.8


(1)33.3% represents a reasonable approximation of the interest component of rent expense.

(2)Data from certain prior years has been reclassified to reflect the results of Pavonia Holdings (US) Inc. as discontinued operations. See “Note 5 - Held-For-Sale Business” in the notes to our consolidated financial statements included within Item 8 of our Annual Report for the year ended December 31, 2016 filed on Form 10-K.