EX-12.1 2 a14-22093_1ex12d1.htm EX-12.1

Exhibit 12.1

 

TravelCenters of America LLC

 

Statement of Computation of Ratio of Earnings to Fixed Charges

 

 

 

Nine Months
Ended
September 30,

 

Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

(in thousands, except ratio amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and income from equity investees

 

$

44,007

 

$

2,331

 

$

31,812

 

$

23,784

 

$

(66,560

)

$

(94,363

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions received from equity investees

 

—

 

—

 

4,800

 

—

 

960

 

—

 

Fixed charges

 

69,013

 

90,880

 

79,161

 

75,471

 

106,603

 

96,350

 

Amortization of capitalized interest

 

23

 

31

 

—

 

—

 

—

 

—

 

Capitalized interest

 

(599

)

(1,033

)

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

112,444

 

$

92,209

 

$

115,773

 

$

99,255

 

$

41,003

 

$

1,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

12,497

 

$

17,650

 

$

10,358

 

$

9,005

 

$

25,653

 

$

15,440

 

Estimated interest within rent expense(2)

 

55,917

 

72,197

 

68,803

 

66,466

 

80,950

 

80,910

 

Capitalized interest

 

599

 

1,033

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

69,013

 

$

90,880

 

$

79,161

 

$

75,471

 

$

106,603

 

$

96,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.63

 

1.01

 

1.46

 

1.32

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges

 

$

N/A

 

$

N/A

 

$

N/A

 

$

N/A

 

$

(65,600

)

$

(94,363

)

 

(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.