Exhibit 12.1
SPIRIT REALTY CAPITAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands, except ratios)
| Three Months ended March 31, |
Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Pre-tax income (loss) from continuing operations |
$ | 9,687 | $ | (32,059 | ) | $ | (72,011 | ) | $ | (48,038 | ) | $ | (64,605 | ) | $ | (70,621 | ) | |||||||
| Add: Fixed charges |
54,399 | 179,267 | 156,220 | 169,343 | 172,500 | 207,976 | ||||||||||||||||||
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| Pre-tax earnings from continuing operations before fixed charges |
$ | 64,086 | $ | 147,208 | $ | 84,209 | $ | 121,305 | $ | 107,895 | $ | 137,355 | ||||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 54,322 | $ | 161,416 | $ | 139,239 | $ | 146,686 | $ | 153,107 | $ | 186,737 | ||||||||||||
| Amortization of deferred financing costs |
973 | 13,188 | 2,819 | 3,599 | 4,728 | 8,401 | ||||||||||||||||||
| Amortization of discount relating to indebtedness |
3,631 | 13,234 | 10,803 | 14,615 | 9,996 | 10,283 | ||||||||||||||||||
| Amortization of premium relating to indebtedness |
(4,560 | ) | (8,581 | ) | (56 | ) | (57 | ) | (45 | ) | — | |||||||||||||
| Amortization related to interest rate swaps |
33 | 10 | 3,415 | 4,500 | 4,714 | 2,555 | ||||||||||||||||||
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| Fixed charges |
$ | 54,399 | $ | 179,267 | $ | 156,220 | $ | 169,343 | $ | 172,500 | $ | 207,976 | ||||||||||||
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| Ratio of earnings from continuing operations to fixed charges(1) |
1.18 | — | — | — | — | — | ||||||||||||||||||
| Fixed charges |
$ | 54,399 | $ | 179,267 | $ | 156,220 | $ | 169,343 | $ | 172,500 | $ | 207,976 | ||||||||||||
| Preferred dividends |
— | 63 | 63 | 16 | 15 | 16 | ||||||||||||||||||
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| Combined fixed charges and preferred dividends |
$ | 54,399 | $ | 179,330 | $ | 156,283 | $ | 169,359 | $ | 172,515 | $ | 207,992 | ||||||||||||
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| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends(2) |
1.18 | — | — | — | — | — | ||||||||||||||||||
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| Surplus (Deficiency) in the coverage of Combined Fixed Charges and Preferred Dividends |
$ | 9,687 | $ | (32,122 | ) | $ | (72,074 | ) | $ | (48,054 | ) | $ | (64,620 | ) | $ | (70,637 | ) | |||||||
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(1) The ratio of earnings from continuing operations to fixed charges was less than 1.00 as a result of losses from continuing operations for all periods presented, other than the three months ended March 31, 2014.
(2) The ratio of earnings to combined fixed charges and preferred dividends was less than 1.00 as a result of losses from continuing operations for all periods presented, other than the three months ended March 31, 2014.