Cash America 2015 Annual Report Download - page 143
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EXHIBIT 12.1
CASH AMERICA INTERNATIONAL, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
For the years ended December 31,
2015 2014 2013 2012 2011
Earnings:
Income (loss) from continuing operations before income taxes $ 43,044 $ (8,346) $ 43,985 $ 81,370 $ 141,166
Equity in loss of unconsolidated subsidiary —— 136 295 104
Fixed charges per below 36,708 50,288 61,876 50,634 46,320
Amortization of capitalized interest 396 396 396 396 198
Less: Capitalized interest ————
(558)
Total earnings $ 80,148 $ 42,338 $ 106,393 $ 132,695 $ 187,230
Fixed charges:
Interest expense $ 14,457 $ 26,520 $ 36,319 $ 29,134 $ 25,528
Amortization of debt discount and issuance costs 2,009 3,173 6,206 3,811 3,566
Portion of rent expense representative of interest 20,242 20,595 19,351 17,689 16,668
Capitalized interest —— — — 558
Total fixed charges $ 36,708 $ 50,288 $ 61,876 $ 50,634 $ 46,320
Ratio of earnings to fixed charges (1) 2.2 x 0.8 x 1.7 x 2.6 x 4.0 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.
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