EX-12.1 2 c21955exv12w1.htm EX-12.1 EX-12.1
Exhibit 12.1
LSB Industries, Inc.
Unaudited Computation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividends
(Dollars In Thousands)
                                         
    2007     2008     2009     2010     2011  
 
                                        
Income from continuing operations before provisions for income taxes and equity in earnings of affiliate
   $ 48,197     $ 54,399     $ 35,877     $ 48,499     $ 129,649  
Add:
                                        
Fixed charges
     15,674       12,042       8,001       7,254       6,548  
Share of distributed income of 50% owned affiliate
     765       735       785       825       1,649  
 
                              
Adjusted Earnings
   $ 64,636     $ 67,176     $ 44,663     $ 56,578     $ 137,846  
 
                              
 
                                        
Fixed Charges
                                        
Interest expense (1)
   $ 11,723     $ 8,510     $ 6,016     $ 5,900     $ 4,733  
Estimate of interest in rental expense
     3,951       3,532       1,985       1,354       1,815  
 
                              
Fixed Charges
   $ 15,674     $ 12,042     $ 8,001     $ 7,254     $ 6,548  
 
                                        
Preferred stock dividends
     5,912       463       519       509       473  
 
                              
Combined fixed charges and preferred stock dividends
   $ 21,586     $ 12,505     $ 8,520     $ 7,763     $ 7,021  
 
                              
 
                                        
Ratio of earnings to fixed charges
     4.1       5.6       5.6       7.8       21.1  
 
                              
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividends
     3.0       5.4       5.2       7.3       19.6  
 
                              
     
(1)  
Interest expense includes amortization of deferred debt issuance costs and excludes realized and unrealized gains or losses on interest rate financial instruments that are reported as interest expense.