EX-12 4 exhibit12.htm EXHIBIT 12 (STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES)
Exhibit 12
Covenant Transportation Group, Inc.,
Statement of Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)

   
Nine Months Ended September 30,
    
Year Ended December 31,
  
   
2018
    
2017
    
2016
    
2015
    
2014
    
2013
  
Earnings:
                                    
Operating income
  
$
36,671
    
$
28,155
    
$
32,447
    
$
67,782
    
$
39,646
    
$
20,394
  
Fixed charges (per below)
    
10,069
      
12,505
      
11,989
      
13,565
      
18,951
      
19,694
  
Distributed income of equity investee
    
-
      
1,960
      
1,470
      
-
      
307
      
65
  
Less: Interest capitalized
    
(31
)
    
(45
)
    
(46
)
    
(130
)
    
(80
)
    
(50
)
Total earnings
  
$
46,709
    
$
42,575
    
$
45,860
    
$
81,217
    
$
58,824
    
$
40,103
  
                                                 
Fixed charges:
                                                
Interest expense
  
$
6,368
    
$
8,044
    
$
7,924
    
$
8,182
    
$
10,551
    
$
10,155
  
Interest capitalized
    
31
      
45
      
46
      
130
      
80
      
50
  
Capitalized expenses related to indebtedness
    
10
      
161
      
107
      
243
      
49
      
357
  
Estimated interest factor in rental expense
    
3,660
      
4,255
      
3,912
      
5,010
      
8,271
      
9,132
  
Total fixed charges
  
$
10,069
    
$
12,505
    
$
11,989
    
$
13,565
    
$
18,951
    
$
19,694
  
                                                 
Ratio of earnings to fixed charges
    
4.6
x
    
3.4
x
    
3.8
x
    
6.0
x
    
3.1
x
    
2.0
x

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