EX-12.1 2 conn01312016ex121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1
CONN’S, INC. AND SUBSIDIARIES
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
Year Ended January 31,
 
2016
 
2015
 
2014
 
2013
 
2012(1)
Income before income taxes
$
49,243

 
$
90,502

 
$
146,519

 
$
82,721

 
$
(3,882
)
Fixed charges
86,195

 
50,245

 
32,076

 
29,037

 
34,430

Capitalized interest
(660
)
 
(189
)
 
(333
)
 
(360
)
 
(21
)
Total earnings
$
134,778

 
$
140,558

 
$
178,262

 
$
111,398

 
$
30,527

Interest expense (including capitalized interest)
$
50,973

 
$
26,912

 
$
12,522

 
$
13,653

 
$
19,893

Amortized premiums and expenses
12,794

 
2,642

 
3,135

 
3,754

 
2,586

Estimated interest within rent expense
22,428

 
20,691

 
16,419

 
11,630

 
11,951

Total fixed charges
$
86,195

 
$
50,245

 
$
32,076

 
$
29,037

 
$
34,430

Ratio of earnings to fixed charges
1.6

 
2.8

 
5.6

 
3.8

 
—

(1)
Due to our loss in the year ended January 31, 2012, the ratio coverage was less than 1:1. Additional earnings of $3.9 million would have been required to achieve a ratio of 1:1. For the year ended January 31, 2012, we incurred charges of approximately $11.1 million related to the repayment of our term loan that are not included in amortized premiums and expenses above. This amount included a prepayment premium of $4.8 million, write-off of the unamortized original issue discount of $5.4 million and deferred financing costs of $0.9 million.