EX-12 33 a2229838zex-12.htm EX-12

Exhibit 12

 

SUMMIT MATERIALS, LLC AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Six months ended

 

Year Ended

 

 

 

July 2,

 

June 27,

 

January 2,

 

December 27,

 

December 28,

 

December 29,

 

December 31,

 

($ in thousands)

 

2016

 

2015

 

2016

 

2014

 

2013

 

2012

 

2011

 

Loss from continuing operations before income taxes (1)

 

$

(30,251

)

$

(90,375

)

$

(19,194

)

$

(13,336

)

(105,798

)

(50,951

)

(1,441

)

Add (deduct)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from equity investments

 

1,500

 

900

 

1,800

 

757

 

120

 

817

 

156

 

Income (loss) from equity method investees

 

(440

)

301

 

(2,609

)

(1,408

)

(1,161

)

(683

)

894

 

Capitalized interest

 

—

 

—

 

—

 

—

 

(640

)

(193

)

—

 

Fixed Charges

 

49,679

 

43,268

 

88,677

 

88,570

 

58,419

 

59,438

 

49,218

 

Earnings, as defined

 

$

20,488

 

$

(45,906

)

$

68,674

 

$

74,583

 

$

(49,060

)

$

8,428

 

$

48,827

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on indebtedness and amortization of deferred financing costs

 

$

47,194

 

$

41,504

 

$

84,629

 

$

86,742

 

$

56,443

 

$

58,079

 

47,784

 

Capitalized interest

 

—

 

—

 

—

 

—

 

640

 

193

 

—

 

Portion of rental expense under operating leases representative of the interest factor

 

2,485

 

1,764

 

4,048

 

1,828

 

1,336

 

1,166

 

1,434

 

Total fixed charges

 

$

49,679

 

$

43,268

 

$

88,677

 

$

88,570

 

$

58,419

 

$

59,438

 

$

49,218

 

Ratio of earnings to fixed charges (2)(3)

 

0.4

 

N/A

 

0.8

 

0.8

 

N/A

 

0.1

 

1.0

 

 

(1)         Represents earnings from continuing operations before adjustments for noncontrolling interests in consolidated subsidiaries.

(2)         The ratio of earnings to fixed charges is determined by dividing earnings, as adjusted, by fixed charges. Fixed charges consist of interest on all indebtedness plus that portion of operating lease rentals representative of the interest factor (deemed to be 33% of operating lease rentals).

(3)         Earnings were insufficient to cover fixed charges by $89.2 and $107.5 million for the six months ended June 27, 2015 and the year ended 2013, respectively.