EX-12.1 2 wnrl-ex121ratioofearningst.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Computation of Earnings to Fixed Charges
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
(In thousands)
Earnings (loss) before income taxes
$
44,053

 
$
32,753

 
$
33,367

 
$
(47,200
)
 
$
(50,214
)
Add:
 

 
 

 
 

 
 

 
 

Interest expense and other financing costs
25,972

 
23,107

 
2,374

 
322

 
40

Amortization of capitalized interest
64

 
—

 
—

 
—

 
—

Interest component of rental expense
2,832

 
2,840

 
2,708

 
1,985

 
1,915

Earnings (loss) as adjusted
$
72,921

 
$
58,700

 
$
38,449

 
$
(44,893
)
 
$
(48,259
)
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense and other financing costs
$
25,972

 
$
23,107

 
$
2,374

 
$
322

 
$
40

Capitalized interest
896

 
—

 
—

 
—

 
—

Interest component of rental expense
2,832

 
2,840

 
2,708

 
1,985

 
1,915

Fixed charges
$
29,700

 
$
25,947

 
$
5,082

 
$
2,307

 
$
1,955

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.46

 
2.26

 
7.57

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Coverage deficiency
$
—

 
$
—

 
$
—

 
$
47,200

 
$
50,214