Attached files
| file | filename |
|---|---|
| EX-21 - EX-21 - FERRO CORP | l38604exv21.htm |
| EX-32.1 - EX-32.1 - FERRO CORP | l38604exv32w1.htm |
| EX-31.1 - EX-31.1 - FERRO CORP | l38604exv31w1.htm |
| EX-31.2 - EX-31.2 - FERRO CORP | l38604exv31w2.htm |
| EX-23.1 - EX-23.1 - FERRO CORP | l38604exv23w1.htm |
| EX-32.2 - EX-32.2 - FERRO CORP | l38604exv32w2.htm |
| EX-10.18 - EX-10.18 - FERRO CORP | l38604exv10w18.htm |
| EX-10.23 - EX-10.23 - FERRO CORP | l38604exv10w23.htm |
| 10-K - FORM 10-K - FERRO CORP | l38604e10vk.htm |
EXHIBIT 12
FERRO CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pretax income from
continuing
operations before
adjustment for
income or loss from
equity investees |
$ | (43,894 | ) | $ | (57,301 | ) | $ | (117,938 | ) | $ | 17,198 | $ | 20,521 | |||||||
Add: |
||||||||||||||||||||
Fixed charges |
66,676 | 55,528 | 63,381 | 66,657 | 47,586 | |||||||||||||||
Amortization of
capitalized
interest |
92 | 133 | 562 | 502 | 389 | |||||||||||||||
Distributed income
of equity investees |
700 | 721 | 1,485 | 1,590 | 1,069 | |||||||||||||||
Less: |
||||||||||||||||||||
Capitalized interest |
1,607 | 1,761 | 2,271 | 1,136 | 71 | |||||||||||||||
Total Earnings |
$ | 21,967 | $ | (2,680 | ) | $ | (54,781 | ) | $ | 84,811 | $ | 69,494 | ||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense
and capitalized
interest, including
amortization
of discounts and
capitalized
expenses on debt |
$ | 65,525 | $ | 54,577 | $ | 61,961 | $ | 65,563 | $ | 46,990 | ||||||||||
Estimate of the
interest within
rental expense |
1,151 | 951 | 1,420 | 1,094 | 596 | |||||||||||||||
Total Fixed Charges |
$ | 66,676 | $ | 55,528 | $ | 63,381 | $ | 66,657 | $ | 47,586 | ||||||||||
Preference security
dividend
requirements |
767 | 930 | 1,222 | 1,445 | 2,023 | |||||||||||||||
Total Combined
Fixed Charges &
Preference
Dividends |
$ | 67,443 | $ | 56,458 | $ | 64,603 | $ | 68,102 | $ | 49,609 | ||||||||||
Ratio of Earnings to
Fixed Charges |
— | — | — | 1.27 | 1.46 | |||||||||||||||
Ratio of Earnings to
Combined Fixed Charges
& Preference Dividends |
— | — | — | 1.25 | 1.40 | |||||||||||||||
Note:
Total
earnings were insufficient to cover the fixed charges by $44.7 million, $58.2 million and $118.2 million and
were insufficient to cover the combined fixed charges by $45.5 million, $59.1 million and $119.4 million, for the
years ended December 31, 2009, 2008 and 2007, respectively. Accordingly, such ratios are not presented.
Fixed charges are equal to interest expense (including amortization of deferred financing costs and
costs associated with the Company’s asset securitization program), plus the portion of rent expense
estimated to represent interest. Costs associated with the Company’s asset securitization program
were $3.4 million, $5.8 million, $7.0 million, $5.6 million, and $3.9 million in the years ended
December 31, 2009, 2008, 2007, 2006, and 2005, respectively.