EX-12.1 4 a2015q2ex-121ratioofearnin.htm EXHIBIT 12.1 2015 Q2 EX-12.1 Ratio of Earnings to Fixed Charges Computation (S-3 Cash and Pawn)
EXHIBIT 12.1



EZCORP, Inc.
Computation of Ratio of Earnings to Fixed Charges


 
Fiscal Years Ended September 30,
 
2014
 
2013
 
2012
 
2011
 
2010
 
(In thousands)
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
72,700

 
$
102,459

 
$
227,085

 
$
190,189

 
$
152,785

Less equity in net income of unconsolidated affiliates
(5,948
)
 
(11,878
)
 
(17,400
)
 
(16,237
)
 
(10,750
)
Plus dividends received from unconsolidated affiliates
5,129

 
10,632

 
5,560

 
7,274

 
3,841

Plus fixed charges
50,352

 
27,751

 
9,455

 
10,801

 
7,548

Less capitalized interest and deferred financing costs
(14,017
)
 
(1,283
)
 
(3,225
)
 
(2,397
)
 
3

Plus Amortization of capitalized interest
5,137

 
3,208

 
2,478

 
615

 
403

Total Earnings
$
113,353

 
$
130,889

 
$
223,953

 
$
190,245

 
$
153,830

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense included in earnings (a)
$
24,119

 
$
16,190

 
$
(742
)
 
$
1,690

 
$
1,385

Amortization of capitalized interest
(5,137
)
 
(3,208
)
 
(2,478
)
 
(615
)
 
(403
)
Capitalized interest and deferred financing costs
14,017

 
1,283

 
3,225

 
2,397

 
(3
)
Interest portion of rental expense
12,645

 
10,863

 
7,674

 
5,534

 
4,870

Losses on letters of credit
4,708

 
2,623

 
1,776

 
1,795

 
1,699

Total Fixed Charges
$
50,352

 
$
27,751

 
$
9,455

 
$
10,801

 
$
7,548

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.25x

 
4.72x

 
23.69x

 
17.61x

 
20.38x

 
 
 
 
 
 
 
 
 
 

(a) Includes amortization of deferred financing costs and amortization of debt discount (premium)