Cash America 2014 Annual Report Download - page 163

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148
Exhibit 12.1
CASH AMERICA INTERNATIONAL, INC.
RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)
For the years ended December 31,
Earnings: 2014 2013 2012 2011 2010
(Loss) income from continuing operations before income taxes
$
(8,346
)
$
43,985
$
81,370
$
141,166
$
131,247
Equity in (income) loss of unconsolidated subsidiary
-136 295 104 136
Fixed charges
50,288
61,876
50,634
46,320
41,395
Amortization of capitalized interest
396
396
396
198
-
Less: Capitalized interest
-
-
-
(558
)
(730
)
Total earnings $42,338 $106,393 $132,695 $187,230 $172,048
Fixed charges:
Interest expense
$
26,520
$
36,319
$
29,134
$
25,528
$
22,345
Amortization of debt discount and issuance costs
3,173
6,206
3,811
3,566
3,340
Portion of rent expense representative of interest
20,595 19,351 17,689 16,668 14,980
Capitalized interest
-
-
-
558
730
Total fixed charges $50,288 $61,876 $50,634 $46,320 $41,395
Ratio of earnings to fixed charges
(1) 0.8 x 1.7 x 2.6 x 4.0 x 4.2 x
(1)
For purposes of computing these ratios, “earnings” represent income from continuing operations before noncontrolling interest and income taxes plus fixed charges
and amortization of capitalized interest, less capitalized interest. “Fixed charges” consist of interest expense, including capitalized interest, amortization of debt
discount and issuance costs 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.