METALS USA INC - FORM 10-K - EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - February 12, 2010

Attached files

file filename
EX-31.4 - SECTION 302 CERTIFICATION OF CFO - METALS USA, INC - METALS USA INCdex314.htm
EX-31.1 - SECTION 302 CERTIFICATION OF CEO - FLAG INTERMEDIATE HOLDINGS - METALS USA INCdex311.htm
EX-32.4 - SECTION 906 CERTIFICATION OF CFO - METALS USA, INC - METALS USA INCdex324.htm
EX-32.3 - SECTION 906 CERTIFICATION OF CEO - METALS USA, INC - METALS USA INCdex323.htm
EX-21.1 - LIST OF SUBSIDIARIES - METALS USA INCdex211.htm
EX-32.2 - SECTION 906 CERTIFICATION OF CFO - FLAG INTERMEDIATE HOLDINGS - METALS USA INCdex322.htm
EX-32.1 - SECTION 906 CERTIFICATION OF CEO - FLAG INTERMEDIATE HOLDINGS - METALS USA INCdex321.htm
EX-31.2 - SECTION 302 CERTIFICATION OF CFO - FLAG INTERMEDIATE HOLDINGS - METALS USA INCdex312.htm
EX-31.3 - SECTION 302 CERTIFICATION OF CEO - METALS USA, INC - METALS USA INCdex313.htm
10-K - FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2009 - METALS USA INCd10k.htm

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

Flag Intermediate Holdings Corporation

 

    Predecessor Company(1)          Successor Company(1)  
    Period from
January 1, 2005 to
November 30, 2005		          Period from
May 9, 2005 (date
of inception) to
December 31, 2005		     Year ended
December 31,
2006		     Year ended
December 31,
2007		     Year ended
December 31,
2008		     Year ended
December 31,
2009		  

COMPUTATION OF EARNINGS

                

Income (loss) before taxes

   $ 70.2          $ (3.2 )    $ 65.4      $ 55.9      $ 152.7      $ (53.7 ) 

Net interest expense

     12.0            4.1        54.1        57.6        54.5        44.9   

Interest portion of operating lease expense

     5.2            0.5        6.1        6.7        6.4        6.3   
                                                   

Earnings

   $ 87.4          $ 1.4      $ 125.6      $ 120.2      $ 213.6      $ (2.5 ) 
                                                   

COMPUTATION OF FIXED CHARGES

                

Net interest expense

   $ 12.0          $ 4.1      $ 54.1      $ 57.6      $ 54.5      $ 44.9   

Capitalized interest

     —              —          —          —          —          —     

Interest portion of operating lease expense

     5.2            0.5        6.1        6.7        6.4        6.3   
                                                   

Fixed Charges

   $ 17.2          $ 4.6      $ 60.2      $ 64.3      $ 60.9      $ 51.2   
                                                   

RATIO OF EARNINGS TO FIXED CHARGES

     5.1 x          0.3 x      2.1 x      1.9 x      3.5 x      —     
                                                   

DEFICIENCY OF EARNINGS TO FIXED CHARGES

   $ —            $ 3.2      $ —        $ —        $ —        $ 53.7  
                                                   

 

(1) On November 30, 2005, Flag Acquisition Corporation, a wholly owned subsidiary of Flag Intermediate Holdings Corporation which is a wholly owned subsidiary of Metals USA Holdings Corp. (formerly named Flag Holdings Corporation) acquired Metals USA, Inc. with Metals USA, Inc. being the surviving company. Flag Intermediate Holdings Corporation and Metals USA, Inc. are herein referred to the “Successor Company” after the merger on November 30,2005. Flag Intermediate Holding Corporation and Flag Acquisition Corporation conducted no operations from May 9, 2005 (date of inception) to November 30, 2005. Metals USA, Inc., prior to the merger, is referred to as the “Predecessor Company”.

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