EX-12.1 8 d490608dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CrossAmerica Partners LP

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

     Year Ended December 31,     Quarter Ended
March 31,		  
     2013      2014     2015     2016     2017     2018  

Income (loss) from continuing operations before income taxes

      16,354        (7,525 )      7,920       10,262       4,939       (534 ) 

Plus Fixed Charges:

              

Interest expense

      14,182        16,631       18,493       22,757       27,919       8,052  

Capitalized Interest

      —          —         —         —         —         —    

Portion of rent expense representative of interest expense

      —          —         —         —         —         —    

Less income from equity investees

      —          —         (10,528 )      (16,048 )      (14,906 )      3,805  

Plus distributions received from equity investees

      —          —         9,166       16,180       14,928       3,566  

Plus amortization of capitalized interest

      —          —         —         —         —         —    

Less capitalized interest

      —          —         —          
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted earnings

      30,536        9,106       25,051       33,151       32,880       7,279  

Fixed charges

      14,182        16,631       18,493       22,757       27,919       8,052  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      2.15        0.55 (a)      1.35       1.46       1.18       0.90 (b) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings to cover fixed charges

      —          7,525       —         —         —         773  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) As a result of the acquisition by CST of our General Partner on October 1, 2014, we recognized one-time termination benefits and accelerated equity compensation charges totaling $7.0 million. The deficit of earnings to cover fixed charges amounted to $7.5 million for 2014.
(b) Due to the location of many of the sites to which we distribute fuel being in the Northeast or Upper Midwest, the results for the first quarter are affected by seasonality.

General Note: The Partnership and its Predecessor have not historically capitalized interest as amounts would not be material.