EX-12.1 5 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

CASH AMERICA INTERNATIONAL, INC.

RATIO OF EARNINGS TO FIXED CHARGES

($ in thousands)

 

     Six Months Ended
June 30,		     For the years ended December 31,  
     2009     2008     2007     2006     2005     2004  

Earnings:

             

Net income attributable to Cash America International, Inc. before noncontrolling interests and income taxes

    $ 65,674      $ 132,803      $ 124,765      $ 96,168      $ 70,882      $ 55,023   

Fixed charges

      17,618        30,908        29,079        23,285        21,471        16,393   

Less: Capitalized interest

      (412 )      (1,185 )      (683 )      —          —          —     
                                                

Total earnings

    $ 82,880      $ 162,526      $ 153,161      $ 119,453      $ 92,353      $ 71,416   
                                                

Fixed charges:

             

Interest expense

    $ 10,155      $ 15,993      $ 16,021      $ 11,945      $ 10,610      $ 8,148   

Captitalized interest

      412        1,185        683        —          —          —     

Portion of rent expense representative of interest

      7,051        13,730        12,375        11,340        10,861        8,245   
                                                

Total fixed charges

    $ 17,618      $ 30,908      $ 29,079      $ 23,285      $ 21,471      $ 16,393   
                                                

Ratio of earnings to fixed charges (1)

     4.7  x      5.3  x      5.3  x      5.1  x      4.3  x      4.4  x 

 

(1)

For purposes of computing these ratios, “earnings” represent income from continuing operations before noncontrolling interest and income taxes plus fixed charges. “Fixed charges” consist of interest expense, including capitalized interest and one-third (the portion deemed representative of the interest factor) of rental expense on operating leases. Fixed charges also include interest expense related to uncertain tax positions.