EX-12 3 gw-2018s3asrxexhibit12.htm EXHIBIT 12 Exhibit
Exhibit 12

Genesee & Wyoming Inc.
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges Plus Preferred Stock Dividends
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
June 30, 2018
 
Years Ended December 31,
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
135,192

 
$
295,519

 
$
215,491

 
$
300,931

 
$
368,113

 
$
317,592

 
Add: Total fixed charges
 
62,085

 
122,975

 
92,573

 
84,343

 
63,727

 
77,143

 
Less: Capitalized interest
 
—

 
—

 
—

 
621

 
—

 
1,227

Total earnings for computation of ratio
 
$
197,277

 
$
418,494

 
$
308,064

 
$
384,653

 
$
431,840

 
$
393,508

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on all debt, including capitalized interest and amortization of debt issue costs
 
$
54,176

 
$
107,291

 
$
75,641

 
$
67,694

 
$
56,162

 
$
69,121

 
Portion of rental expense on operating leases attributable to interest
 
7,909

 
15,684

 
16,932

 
16,649

 
7,565

 
8,022

Total fixed charges
 
$
62,085

 
$
122,975

 
$
92,573

 
$
84,343

 
$
63,727

 
$
77,143

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plus: Preferred stock dividends
 
—

 
—

 
—

 
—

 
—

 
2,139

Total fixed charges plus preferred stock dividends
 
$
62,085

 
$
122,975

 
$
92,573

 
$
84,343

 
$
63,727

 
$
79,282

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.2

 
3.4

 
3.3

 
4.6

 
6.8

 
5.1

Ratio of earnings to fixed charges plus preferred stock dividends
 
3.2

 
3.4

 
3.3

 
4.6

 
6.8

 
5.0