EX-12.1 3 ex-121ratiocomp10k2017.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1


ENSTAR GROUP LIMITED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated.
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
28,102

 
$
20,642

 
$
19,403

 
$
12,922

 
$
12,389

 
$
8,426

Assumed interest component of rent expense(1)
3,422

 
3,230

 
3,696

 
3,397

 
1,851

 
1,298

Total fixed charges
$
31,524

 
$
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
$
314,411

 
$
327,324

 
$
225,022

 
$
227,298

 
$
253,160

 
$
231,636

Add fixed charges
31,524

 
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
(20,590
)
 
(42,112
)
 
9,918

 
(17,640
)
 
(20,503
)
 
(29,376
)
Total earnings
$
325,346

 
$
309,084

 
$
258,039

 
$
225,977

 
$
246,897

 
$
211,984

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)
10.3

 
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. Divestitures, Held-for-Sale Business and Discontinuing Operations” in the notes to our consolidated financial statements included within Item 8 of this Annual Report on Form 10-K.