Attached files
| file | filename |
|---|---|
| EX-5.2 - EXHIBIT 5.2 - Enstar Group LTD | ex52cdpopinion.htm |
| EX-5.1 - EXHIBIT 5.1 - Enstar Group LTD | ex51dbropinion.htm |
| EX-4.2 - EXHIBIT 4.2 - Enstar Group LTD | ex42suppindenture.htm |
| EX-4.1 - EXHIBIT 4.1 - Enstar Group LTD | ex41indenture.htm |
| EX-1.1 - EXHIBIT 1.1 - Enstar Group LTD | ex11ua.htm |
| 8-K - 8-K - Enstar Group LTD | a2017debtoffering8-k.htm |
Exhibit 12.1
ENSTAR GROUP LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated.
Years Ended December 31, | |||||||||||||||||
Pro Forma 2016(1) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||
Fixed Charges | |||||||||||||||||
Interest expense | 27,127 | 20,642 | 19,403 | 12,922 | 12,389 | 8,426 | |||||||||||
Assumed interest component of rent expense(2) | 3,230 | 3,230 | 3,696 | 3,397 | 1,851 | 1,298 | |||||||||||
Total fixed charges | 30,357 | 23,872 | 23,099 | 16,319 | 14,240 | 9,724 | |||||||||||
Earnings | |||||||||||||||||
Pre-tax earnings from continuing operations before noncontrolling interest and income from equity investees | 285,966 | 292,450 | 210,341 | 227,236 | 255,143 | 235,809 | |||||||||||
Add fixed charges | 30,357 | 23,872 | 23,099 | 16,319 | 14,240 | 9,724 | |||||||||||
Add amortization of capitalized interest | — | — | — | — | — | — | |||||||||||
Add distributed income of equity investees | — | — | — | — | — | — | |||||||||||
Less interest capitalized | — | — | — | — | — | — | |||||||||||
Less preference security dividend requirements of consolidated subsidiaries (not preferred dividends of parent) | — | — | — | — | — | — | |||||||||||
Less noncontrolling interest pre-tax earnings of subsidiaries that have not incurred fixed charges | (42,112 | ) | (42,112 | ) | 9,918 | (17,640 | ) | (20,503 | ) | (29,376 | ) | ||||||
Total earnings | 274,210 | 274,210 | 243,358 | 225,915 | 248,880 | 216,157 | |||||||||||
Ratio of earnings to fixed charges(3) | 9.0 | 11.5 | 10.5 | 13.8 | 17.5 | 22.2 | |||||||||||
(1)The pro forma ratio of earnings to fixed charges was calculated on a pro forma basis after giving effect to the issuance of our 4.500% Senior Notes due 2022 (the "Notes") and the use of proceeds therefrom to repay a portion of amounts outstanding under our revolving credit facility and our Sussex term loan facility. The Notes were offered pursuant to a shelf registration statement on Form S-3 (No. 333-198718) and the prospectus included therein filed with the United States Securities and Exchange Commission (the “Commission”) on September 12, 2014 and a prospectus supplement filed with the Commission on March 8, 2017 (the "Prospectus"). See “Use of Proceeds” in the Prospectus.
(2)33.3% represents a reasonable approximation of the interest component of rent expense.
(3)Data from certain prior years has been reclassified to reflect the results of Pavonia Holdings (US) Inc. as discontinued operations. See “Note 5 - Held-For-Sale Business” in the notes to our consolidated financial statements included within Item 8 of our Annual Report for the year ended December 31, 2016 filed on Form 10-K.