EX-12.1 3 a13-13973_1ex12d1.htm EX-12.1

Exhibit 12.1

 

TravelCenters of America LLC

 

Statement of Computation of Ratio of Earnings to Fixed Charges

 

 

 

Six Months 
Ended

 

Years Ended December 31,

 

 

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

(in thousands, except ratio amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

 4,397

 

$

 33,689

 

$

 24,953

 

$

 (65,803

)

$

 (93,977

)

$

 (41,878

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from equity investees

 

(1,159

)

(1,877

)

(1,169

)

(757

)

(386

)

(1,383

)

Distributions received from equity investees

 

—

 

4,800

 

—

 

960

 

—

 

—

 

Fixed charges

 

45,004

 

79,161

 

75,471

 

106,603

 

96,350

 

94,309

 

Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Capitalized interest

 

(641

)

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

 47,601

 

$

 115,773

 

$

 99,255

 

$

 41,003

 

$

 1,987

 

$

 51,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

 8,495

 

$

 10,358

 

$

 9,005

 

$

 25,653

 

$

 15,440

 

$

 13,801

 

Estimated interest within rent expense(2)

 

35,868

 

68,803

 

66,466

 

80,950

 

80,910

 

80,508

 

Capitalized interest

 

641

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

 45,004

 

$

 79,161

 

$

 75,471

 

$

 106,603

 

$

 96,350

 

$

 94,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.06

 

1.46

 

1.32

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges

 

$

 N/A

 

$

 N/A

 

$

 N/A

 

$

 (65,600

)

$

 (94,363

)

$

 (43,261

)

 

(1)                               Includes interest expense and amortization of premiums and discounts related to indebtedness.

 

(2)                               Estimated interest within rent expense includes one third of rental expense, which approximates the interest component of operating leases.