EX-12.1 8 a2225899zex-12_1.htm EX-12.1

Exhibit 12.1

 

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

 

 

 

Six Months
Ended
June 30,

 

December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

(dollars in thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and before adjustment for noncontrolling interest

 

$

38,270

 

$

117,943

 

$

41,872

 

$

48,320

 

$

19,420

 

$

27,038

 

Plus fixed charges

 

31,124

 

49,078

 

44,752

 

42,973

 

36,604

 

25,894

 

Total earnings

 

$

69,394

 

$

167,021

 

$

86,624

 

$

91,293

 

$

56,024

 

$

52,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

30,414

 

$

47,764

 

$

43,537

 

$

42,021

 

$

35,932

 

$

25,317

 

Interest portion of rental expense

 

710

 

1,314

 

1,215

 

952

 

672

 

577

 

Total fixed charges

 

$

31,124

 

$

49,078

 

$

44,752

 

$

42,973

 

$

36,604

 

$

25,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

2.23

 

3.40

 

1.94

 

2.12

 

1.53

 

2.04

 

 

(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 and amortization of deferred financing fees and (ii) the portion of rental expense we estimate to be representative of the interest factor in rent expense.