Attached files
Exhibit 12
AIRGAS, INC.
COMPUTATION OF FINANCIAL RATIOS
(In thousands, except ratios)
| Ratio of Earnings to Fixed Charges |
2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||
| EARNINGS COMPUTATION: |
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| Add: |
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| Pretax income from continuing operations before equity earnings and minority interest |
$ | 208,037 | $ | 257,144 | $ | 370,762 | $ | 429,353 | $ | 314,100 | ||||||||||
| Fixed charges |
92,816 | 106,727 | 143,738 | 133,847 | 107,843 | |||||||||||||||
| $ | 300,853 | $ | 363,871 | $ | 514,500 | $ | 563,200 | $ | 421,943 | |||||||||||
| Subtract: |
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| Preferred dividend requirements of consolidated affiliate |
(4,589 | ) | (4,589 | ) | (1,147 | ) | — | — | ||||||||||||
| Capitalized interest |
— | (502 | ) | (1,647 | ) | (3,400 | ) | (2,873 | ) | |||||||||||
| Earnings for purposes of computation |
$ | 296,264 | $ | 358,780 | $ | 511,706 | $ | 559,800 | $ | 419,070 | ||||||||||
| FIXED CHARGES COMPUTATION: |
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| Interest (1) |
$ | 64,067 | $ | 76,227 | $ | 110,888 | $ | 101,279 | $ | 74,312 | ||||||||||
| Estimate of the interest component of rent expense |
24,160 | 25,911 | 31,703 | 32,568 | 33,531 | |||||||||||||||
| Preferred dividend requirements of consolidated affiliates (2) |
4,589 | 4,589 | 1,147 | — | — | |||||||||||||||
| Fixed charges for purposes of computation |
$ | 92,816 | $ | 106,727 | $ | 143,738 | $ | 133,847 | $ | 107,843 | ||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
3.19X | 3.36X | 3.56X | 4.18X | 3.89X | |||||||||||||||
| (1) | Includes interest expense, capitalized interest, amortization of capitalized financing costs and discount on trade receivable securitization. |
| (2) | Preferred stock of National Welders was converted to Airgas common stock on July 3, 2007. |