EX-12.1 86 a2227200zex-12_1.htm EX-12.1

Exhibit 12.1

 

JACK COOPER  HOLDINGS CORP.

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

 

 

 

Years Ended December 31,

 

(in thousands)

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

$

(68,887

)

$

(61,515

)

$

(53,273

)

$

(5,491

)

$

(26,242

)

Less:

 

 

 

 

 

 

 

 

 

 

 

Net loss (income)attributable to noncontrolling interests

 

 

 

 

417

 

(44

)

Add:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

51,639

 

47,228

 

63,287

 

30,400

 

26,233

 

Total Earnings:

 

$

(17,248

)

$

(14,287

)

$

10,014

 

$

25,326

 

$

(53

)

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

46,984

 

41,499

 

59,631

 

26,762

 

23,303

 

Approximation of interest in rental expense

 

4,655

 

5,729

 

3,656

 

3,638

 

2,930

 

Total Fixed Charges:

 

$

51,639

 

$

47,228

 

$

63,287

 

$

30,400

 

$

26,233

 

Ratio of Earnings to Fixed Charges (a)

 

N/A

 

N/A

 

0.16

 

0.83

 

N/A

 

 

We computed the ratio of earnings to fixed charges by dividing earnings by the sum of our fixed charges. For purposes of computing this ratio, “earnings” calculated in accordance with Item 503(d) of Regulation S-K consisted of (i) net loss before income taxes less (ii) net loss (income) attributable to non-controlling interest plus (iii) fixed charges. “Fixed charges” calculated in accordance with Item 503(d) of regulation S-K consisted of interest on all indebtedness, amortization of debt expense, plus an approximation of interest in rental expense. For purposes of this calculation, management estimates approximately one-third of rent expense consists of interest expense.

 


(a)       Earnings were insufficient to cover fixed charges by $68.9 million, $61.5 million and $26.3 million for the years ended December 31, 2015, 2014 and 2011 respectively.