Exhibit 12.1
CrossAmerica Partners LP
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
| Income (loss) from continuing operations before income taxes |
16,354 | (7,525 | ) | 7,920 | 10,262 | 4,939 | ||||||||||||||
| Plus Fixed Charges: |
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| Interest expense |
14,182 | 16,631 | 18,493 | 22,757 | 27,919 | |||||||||||||||
| Capitalized Interest |
— | — | — | — | — | |||||||||||||||
| Portion of rent expense representative of interest expense |
— | — | — | — | — | |||||||||||||||
| Less income from equity investees |
— | — | (10,528 | ) | (16,048 | ) | (14,906 | ) | ||||||||||||
| Plus distributions received from equity investees |
— | — | 9,166 | 16,180 | 14,928 | |||||||||||||||
| Plus amortization of capitalized interest |
— | — | — | — | — | |||||||||||||||
| Less capitalized interest |
— | — | — | |||||||||||||||||
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| Adjusted earnings |
30,536 | 9,106 | 25,051 | 33,151 | 32,880 | |||||||||||||||
| Fixed charges |
14,182 | 16,631 | 18,493 | 22,757 | 27,919 | |||||||||||||||
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| Ratio of earnings to fixed charges |
2.15 | 0.55 | (a) | 1.35 | 1.46 | 1.18 | ||||||||||||||
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| Deficiency of earnings to cover fixed charges |
— | 7,525 | — | — | — | |||||||||||||||
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| (a) | As a result of the acquisition by CST of our General Partner on October 1, 2014, we recognized one-time termination benefits and accelerated equity compensation charges totaling $7.0 million. The deficit of earnings to cover fixed charges amounted to $7.5 million for 2014. |
General Note: The Partnership and its Predecessor have not historically capitalized interest as amounts would not be material.