EX-12.1 6 a2215466zex-12_1.htm EX-12.1
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Exhibit 12.1

Global Partners LP
Ratio of Earnings to Fixed Charges(a)

 
   
 


December 31,
 
 
  Three Months
Ended
March 31,
2013
 
 
  2012   2011   2010   2009   2008  
 
  (dollars in thousands)
 

Earnings:

                                     

Income before income taxes and before adjustment for noncontrolling interest

  $ 12,460   $ 48,320   $ 19,420   $ 27,038   $ 35,563   $ 22,207  

Plus fixed charges

    10,784     42,973     36,604     25,894     16,887     22,577  
                           

Total earnings

  $ 23,244   $ 91,293   $ 56,024   $ 52,932   $ 52,450   $ 44,784  
                           

Fixed Charges:

                                     

Interest expense

  $ 8,916   $ 36,268   $ 31,209   $ 22,310   $ 15,188   $ 20,799  

Amortization of deferred financing fees

    1,571     5,753     4,723     3,007     1,169     938  

Interest portion of rental expense

    297     952     672     577     530     840  
                           

Total fixed charges

  $ 10,784   $ 42,973   $ 36,604   $ 25,894   $ 16,887   $ 22,577  
                           

Ratio of earnings to fixed charges(a)

    2.16     2.12     1.53     2.04     3.11     1.98  
                           

(a)
We calculated the ratio of earnings to fixed charges by dividing earnings by fixed charges. Earnings consist of income from continuing operations before income taxes and before adjustment for noncontrolling interest, plus fixed charges. Fixed charges consist of (i) interest expense, including accretion of senior notes discount, (ii) amortization of deferred financing fees and (iii) the portion of rental expense we estimate to be representative of the interest factor in rent expense



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Global Partners LP Ratio of Earnings to Fixed Charges(a)