TravelCenters of America Inc. /MD/ - FORM 10-K - EX-12.1 - March 13, 2015

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Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

 
   Years Ended December 31,  
 
   2014   2013   2012   2011   2010  
 
   (in thousands, except ratio amounts)
  

Income before income taxes and income from equity investees

   $ 95,768   $ 2,331   $ 31,812   $ 23,784   $ (66,560 )

Distributions received from equity investees

     —     —     4,800     —     960  

Fixed charges

     93,101     90,880     79,161     75,471     106,603  

Amortization of capitalized interest

     41     31     —     —     —  

Capitalized interest

     (755 )   (1,033 )   —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

   $ 188,155   $ 92,209   $ 115,773   $ 99,255   $ 41,003  
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Interest expense(1)

   $ 17,241   $ 17,650   $ 10,358   $ 9,005   $ 25,653  

Estimated interest within rent expense(2)

     75,105     72,197     68,803     66,466     80,950  

Capitalized interest

     755     1,033     —     —     —  
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Total fixed charges

   $ 93,101   $ 90,880   $ 79,161   $ 75,471   $ 106,603  
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Ratio of earnings to fixed charges

     2.02     1.01     1.46     1.32     —  
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Deficiency of earnings available to cover fixed charges

   $ N/A   $ N/A   $ N/A   $ N/A   $ (65,600 )
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(1)
Includes interest expense and amortization of premiums, discounts and capitalized expenses related to indebtedness.

(2)
Estimated interest within rent expense includes one-third of rental expense, which approximates the interest component of operating leases.



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Statement of Computation of Ratio of Earnings to Fixed Charges

TravelCenters of America Inc. /MD/ Reports