EX-12.1 12 d293746dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CrossAmerica Partners LP

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

     Predecessor      CrossAmerica Partners LP  
     Year Ended
December 31,
     January 1 to
October 30,
     October 31, to
December 31,
    Year Ended December 31,     Nine months ended
September 30,
 
     2011(1)(2)      2012(1)(2)      2012(1)(2)     2013(3)      2014(3)     2015(3)     2016(3)  

Income (loss) from continuing operations before income taxes

     10,689         2,805         (1,014     16,354         (7,525     7,920        9,242   

Plus Fixed Charges:

                 

Interest Expense

     12,150         11,134         2,355        14,182         16,631        18,493        16,403   

Capitalized Interest

     —           —           —          —           —          —          —     

Portion of rent expense representative of interest expense

     —           —           —          —           —          —          —     

Less income from equity investees

                  (10,528     (12,318

Plus distributions received from equity investees

     —           —           —               9,166        12,414   

Plus amortization of capitalized interest

     —           —           —              

Less capitalized interest

     —           —           —          —           —          —          —     
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted earnings

     22,839         13,939         1,341        30,536         9,106        25,051        25,741   

Fixed charges

     12,150         11,134         2,355        14,182         16,631        18,493        16,403   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     1.88         1.25         0.57        2.15         0.55        1.35        1.57   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Deficiency of earnings to cover fixed charges

     —           —           1,014        —           7,525        —          —     
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

(1) As reported in the 10-K filed on March 28, 2013, interest expense is amount of cash interest paid as reported on the cash flow
(2) As reported in the S-3 filed in December 2013—note that for interest expense, we utilized the actual cash paid as it was concluded this was a better approximation of our true fixed charges.
(3) Interest expense was used rather than cash interest, which was used for periods prior to 2013—immaterial to revise prior years

General Note: The Partnership and its Predecessor have not historically capitalized interest as amounts would not be material.