EX-12.1 2 h53387a1exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
Exhibit 12.1
CARDTRONICS, INC. AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES

(In thousands)
                                                         
    Three Months Ended        
    March 31,     Years Ended December 31,  
    2008     2007     2007     2006     2005     2004     2003  
EARNINGS:
                                                       
(Loss) income before income taxes and cumulative effect of accounting changes
  $ (4,027 )   $ (4,360 )   $ (22,454 )   $ (19 )   $ (3,688 )   $ 9,381     $ 5,288  
Minority interests
          (112 )     (376 )     (225 )     15       19        
Fixed charges (as outlined below), less preferred dividends (a)
    8,721       6,692       33,079       26,914       20,202       8,072       4,098  
 
                                         
Total earnings, as defined
  $ 4,694     $ 2,220     $ 10,249     $ 26,670     $ 16,529     $ 17,472     $ 9,386  
 
                                         
 
                                                       
FIXED CHARGES:
                                                       
Interest charges (b)
  $ 8,140     $ 6,248     $ 31,164     $ 25,072     $ 22,426     $ 5,235     $ 2,157  
Less: Write-off of unamortized debt issuance costs (c)
                      (534 )     (5,038 )           (13 )
Plus: Interest component of rental expense
    581       444       1,915       2,376       2,814       2,837       1,954  
Plus: Preferred dividends (d)
                            1,770       3,735       3,314  
 
                                         
Plus: Total fixed charges, as defined
  $ 8,721     $ 6,692     $ 33,079     $ 26,914     $ 21,972     $ 11,807     $ 7,412  
 
                                         
 
                                                       
Ratio of earnings to fixed charges
    N/A       N/A       N/A       N/A       N/A       1.5x       1.3x  
Amount of earnings insufficient to cover fixed charges
  $ 4,027     $ 4,472     $ 22,830     $ 244     $ 5,443              
 
(a)   Excludes preferred dividends as such amounts were not deducted in arriving at the (loss) income before income taxes and cumulative effect of accounts changes amounts reflected above.
 
(b)   Includes the amortization of debt discount and the amortization and write-off of debt issuance costs.
 
(c)   Amounts included in the interest charges line above. As such, it is backed out separately from the computation of fixed charges.
 
(d)   Amounts have been grossed-up at the Company’s effective tax rate for each applicable period.