EX-12.1 3 dxpe_2013-s3ex121.htm STATEMENT OF COMPUTATION OF RATIOS dxpe_2013-s3ex121.htm
 
 
 


 
EXHIBIT 12.1
 
Statement of Computation of Ratios
 
Calculation of Ratios of Earnings to Fixed Charges
 
Ratio of earnings to fixed charges is computed by dividing income before taxes and fixed charges by fixed charges. Fixed charges consist of interest charges and interest portion of rent.
                                                 
   
Three Months
    
   
Ended March
  
Fiscal Years Ending December 31,
   
31, 2013
  
2012
  
2011
  
2010
  
2009
  
2008
(Loss) income before income taxes
  
$
21,076
    
$
85,009
    
$
51,995
    
$
32,132
    
$
(54,482)
    
$
$42,284
  
Add:
                                                
Interest expense
    
1,627
      
5,560
      
3,518
      
5,208
      
5,245
      
6,130
  
Interest portion of rent (1)
    
2,479
      
6,626
      
4,717
      
4,165
      
4,067
      
3,450
  
(Loss) earnings as defined
  
$
25,182
    
$
97,195
    
$
60,230
    
$
41,505
    
$
(45,170)
    
$
51,864
  
Interest expense
    
1,627
      
5,560
      
3,518
      
5,208
      
5,245
      
6,130
  
Interest portion of rent (1)
    
2,479
      
6,626
      
4,717
      
4,165
      
4,067
      
3,450
  
Fixed charges as defined
  
$
4,106
    
$
12,186
    
$
8,235
    
$
9,373
    
$
9,312
    
$
9,580
  
Ratio of (loss) earnings to fixed charges
    
6.13
x
    
7.98
x
    
7.31
x
    
4.43
x
    
(4.85)
x(2)
    
5.41
x

 
 
 

 
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
 
Ratio of earnings to combined fixed charges and preference dividends is computed by dividing income before taxes and fixed charges plus preference dividends.
 
                                                   
     
Three Months
                    
     
Ended March
                    
     
31, 2013
  
2012
  
2011
  
2010
  
2009
  
2008
       
(Loss) income before income taxes
  
$
21,076
    
$
85,009
    
$
51,995
    
$
32,132
    
$
(54,482)
    
$
42,284
    
Add:
                                                  
Interest expense
    
1,627
      
5,560
      
3,518
      
5,208
      
5,245
      
6,130
    
Interest portion of rent (1)
    
2,479
      
6,626
      
4,717
      
4,165
      
4,067
      
3,450
    
(Loss) earnings as defined
  
$
25,182
    
$
97,195
    
$
60,230
    
$
41,505
    
$
(45,170)
    
$
51,864
    
Interest expense
    
1,627
      
5,560
      
3,518
      
5,208
      
5,245
      
6,130
    
Interest portion of rent (1)
    
2,479
      
6,626
      
4,717
      
4,165
      
4,067
      
3,450
    
Preferred stock dividends
    
38
      
150
      
150
      
150
      
150
      
150
    
Total combined fixed charges and preference dividends as defined
  
$
4,144
    
$
12,336
    
$
8,385
    
$
9,523
    
$
9,462
    
$
9,730
    
Ratio of (loss) earnings to combined fixed charges and preference dividends
    
6.08
x
    
7.88
x
    
7.18
x
    
4.36
x
    
(4.77)
x(3)
    
5.33
x
  
          
(1)  
Represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense.
(2)  
The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended December 31, 2009. In order to achieve a ration of earnings to fixed charges of 1:1, we would have had to generate an additional $54.5 million of earnings in the fiscal year ended December 31, 2009.
(3)  
The ratio of earnings to combined fixed charges and preference dividends was less than 1:1 for the fiscal year ended December 31, 2009. In order to achieve a ration of earnings to combined fixed charges and preference dividends of 1:1, we would have had to generate an additional $54.6 million of earnings in the fiscal year ended December 31, 2009.