EX-12.1 7 d490608dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CrossAmerica Partners LP

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

     Year Ended December 31,  
     2013      2014     2015     2016     2017  

Income (loss) from continuing operations before income taxes

     16,354        (7,525     7,920       10,262       4,939  

Plus Fixed Charges:

           

Interest expense

     14,182        16,631       18,493       22,757       27,919  

Capitalized Interest

     —          —         —         —         —    

Portion of rent expense representative of interest expense

     —          —         —         —         —    

Less income from equity investees

     —          —         (10,528     (16,048     (14,906

Plus distributions received from equity investees

     —          —         9,166       16,180       14,928  

Plus amortization of capitalized interest

     —          —         —         —         —    

Less capitalized interest

     —          —         —        
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

     30,536        9,106       25,051       33,151       32,880  

Fixed charges

     14,182        16,631       18,493       22,757       27,919  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     2.15        0.55 (a)      1.35       1.46       1.18  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Deficiency of earnings to cover fixed charges

     —          7,525       —         —         —    
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) As a result of the acquisition by CST of our General Partner on October 1, 2014, we recognized one-time termination benefits and accelerated equity compensation charges totaling $7.0 million. The deficit of earnings to cover fixed charges amounted to $7.5 million for 2014.

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