Attached files
| file | filename |
|---|---|
| S-1 - FORM S-1 - PIONEER FINANCIAL SERVICES INC | pfs-forms1_2247592all.htm |
| EX-23.2 - CONSENT OF MAYER HOFFMAN MCCANN - PIONEER FINANCIAL SERVICES INC | pfs-ex232tos12247592.htm |
| EX-5.1 - OPINION LETTER OF STINSON MORRISON HECKER LLP - PIONEER FINANCIAL SERVICES INC | pfs-ex51toforms1_2247592.htm |
| EX-4 - EXHIBIT 4.2 - PIONEER FINANCIAL SERVICES INC | pfs-ex42toforms1_2183950.htm |
| EX-4 - EXHIBIT 4.1 - PIONEER FINANCIAL SERVICES INC | pfs-ex41toforms1_2183950.htm |
| EX-23 - EXHIBIT 23.1 - PIONEER FINANCIAL SERVICES INC | pfs-ex231toforms1_2183950.htm |
| EX-25 - EXHIBIT 25.1 - PIONEER FINANCIAL SERVICES INC | pfs-ex251toforms1_2247592.htm |
EXHIBIT 12
PIONEER FINANCIAL SERVICES, INC.
RATIO OF EARNINGS TO FIXED CHARGES
|
|
|
|
Successor |
|
|
|
|
|
|
Predecessor |
|
|
| ||||||||
|
|
As of and for |
|
As of and for |
|
As of and for |
|
|
As of and for |
|
|
|
|
| ||||||||
|
|
the Year Ended |
|
the Year Ended |
|
the Period from |
|
|
the Period from |
|
As of and for the Years |
| ||||||||||
|
|
September 30, |
|
September 30, |
|
June 1 - Sept 30, |
|
|
Oct 1 - May 31, |
|
Ended September 30, |
| ||||||||||
|
|
2009 |
|
2008 |
|
2007 |
|
|
2007 |
|
2006 |
|
2005 |
| ||||||||
|
Income before income taxes |
|
$ |
20,754 |
|
$ |
13,151 |
|
$ |
(1,293 |
) |
|
$ |
4,968 |
|
$ |
12,713 |
|
$ |
11,043 |
| |
|
Fixed charges |
|
$ |
17,855 |
|
$ |
16,364 |
|
$ |
5,498 |
|
|
$ |
10,547 |
|
$ |
14,249 |
|
$ |
10,995 |
| |
|
Earnings |
|
$ |
38,609 |
|
$ |
29,515 |
|
$ |
4,205 |
|
|
$ |
15,515 |
|
$ |
26,962 |
|
$ |
22,038 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Interest |
|
$ |
17,855 |
|
$ |
16,364 |
|
$ |
5,498 |
|
|
$ |
10,547 |
|
$ |
14,249 |
|
$ |
10,995 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Ratio of earnings to fixed charges (1) |
|
|
2.16 |
|
|
1.80 |
|
|
0.76 |
|
|
|
1.47 |
|
|
1.89 |
|
|
2.00 |
| |
|
(1) |
The ratio of earnings to fixed charges represents the number of times fixed charges are covered by earnings. For the purpose of this ratio, "earnings" is determined by adding pretax income to "fixed charges." For this purpose, "fixed charges" consists of interest on all indebtedness. The ratio for the Successor period June 1 to September 30, 2007 was deficient by $1.3 million, due to a one-time charge-off of $4.5 million when we implemented the change in our charge-off methodology. See "Credit Loss Experience and Provision for Credit Losses" section. |