EX-12.1 7 stor-20171231ex1215bb2ec.htm EX-12.1 Ex_121_Ratio

Exhibit 12.1

 

STORE Capital Corporation

Statements re Computation of Ratios

(in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

Earnings:

 

 

    

 

    

    

 

    

 

 

    

    

 

    

    

Income from continuing operations before income taxes

 

$

162,491

 

$

123,683

 

$

84,044

 

$

47,179

 

$

22,473

 

Add:  Fixed charges

 

 

121,720

 

 

105,998

 

 

82,541

 

 

68,534

 

 

39,180

 

Less:  Interest capitalized

 

 

(1,242)

 

 

(818)

 

 

(759)

 

 

(575)

 

 

 —

 

Total earnings available for fixed charges

 

$

282,969

 

$

228,863

 

$

165,826

 

$

115,138

 

$

61,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on indebtedness, net of amounts capitalized

 

$

110,500

 

$

97,913

 

$

75,275

 

$

60,813

 

$

34,994

 

Amortization of deferred financing costs and other

 

 

9,978

 

 

7,267

 

 

6,507

 

 

7,146

 

 

4,186

 

Add back:  Interest capitalized

 

 

1,242

 

 

818

 

 

759

 

 

575

 

 

 —

 

Total fixed charges

 

$

121,720

 

$

105,998

 

$

82,541

 

$

68,534

 

$

39,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to fixed charges

 

 

2.3

 

 

2.2

 

 

2.0

 

 

1.7

 

 

1.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

121,720

 

$

105,998

 

$

82,541

 

$

68,534

 

$

39,180

 

Preferred stock dividends

 

 

 —

 

 

 —

 

 

 —

 

 

14

 

 

16

 

Combined fixed charges and preferred stock dividends

 

$

121,720

 

$

105,998

 

$

82,541

 

$

68,548

 

$

39,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends

 

 

2.3

 

 

2.2

 

 

2.0

 

 

1.7

 

 

1.6