Attached files
Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
| December 31, | ||||||||||||||||||||
| (dollars in thousands) |
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Earnings |
||||||||||||||||||||
| Income (loss) before provision for income taxes |
$ | 104,346 | $ | 262,385 | $ | 6,409 | $ | (26,904 | ) | $ | (4,969 | ) | ||||||||
| Plus: fixed charges (1) |
29,067 | 37,303 | 44,345 | 62,531 | 49,766 | |||||||||||||||
| $ | 133,413 | $ | 299,688 | $ | 50,754 | $ | 35,627 | $ | 44,797 | |||||||||||
| Fixed Charges: |
||||||||||||||||||||
| Gross interest expense |
27,354 | 35,565 | 42,866 | 61,019 | 47,991 | |||||||||||||||
| Estimate of the interest within operating leases |
1,713 | 1,738 | 1,479 | 1,512 | 1,775 | |||||||||||||||
| $ | 29,067 | $ | 37,303 | $ | 44,345 | $ | 62,531 | $ | 49,766 | |||||||||||
| Ratio of earnings to fixed charges |
4.6 | x | 8.0 | x | 1.1 | x | * | * | ||||||||||||
| (1) | For purposes of calculating the ratio of earnings to fixed charges, earnings represent income before income taxes plus fixed charges. Fixed charges consist of interest expense and one-third of operating rental expenses which management believes is representative of the interest component of rent expense. |
| * | Due to the losses for 2006 and 2005 the coverage ratio was less than 1:1. Innophos must generate additional earnings of $26,904 for 2006 and $4,969 for 2005, respectively, to achieve a ratio of 1:1 for those periods. |
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