Attached files
| file | filename |
|---|---|
| EX-21 - EX-21 - FERRO CORP | l41870exv21.htm |
| EX-32.1 - EX-32.1 - FERRO CORP | l41870exv32w1.htm |
| EX-23.1 - EX-23.1 - FERRO CORP | l41870exv23w1.htm |
| EX-31.1 - EX-31.1 - FERRO CORP | l41870exv31w1.htm |
| EX-31.2 - EX-31.2 - FERRO CORP | l41870exv31w2.htm |
| EX-32.2 - EX-32.2 - FERRO CORP | l41870exv32w2.htm |
| EX-10.38 - EX-10.38 - FERRO CORP | l41870exv10w38.htm |
| 10-K - FORM 10-K - FERRO CORP | l41870e10vk.htm |
EXHIBIT 12
FERRO CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pretax income from continuing operations
before adjustment for income or loss from equity investees |
$ | 22,677 | $ | (43,894 | ) | $ | (57,301 | ) | $ | (117,938 | ) | $ | 17,198 | |||||||
Add: |
||||||||||||||||||||
Fixed charges |
46,150 | 66,676 | 55,528 | 63,381 | 66,657 | |||||||||||||||
Amortization of capitalized interest |
98 | 92 | 133 | 562 | 502 | |||||||||||||||
Distributed income of equity investees |
603 | 700 | 721 | 1,485 | 1,590 | |||||||||||||||
Less: |
||||||||||||||||||||
Capitalized interest |
1,009 | 1,607 | 1,761 | 2,271 | 1,136 | |||||||||||||||
Total Earnings |
$ | 68,519 | $ | 21,967 | $ | (2,680 | ) | $ | (54,781 | ) | $ | 84,811 | ||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense and capitalized interest,
including amortization of discounts and
capitalized expenses on debt |
$ | 45,577 | $ | 65,525 | $ | 54,577 | $ | 61,961 | $ | 65,563 | ||||||||||
Estimate of the interest within rental expense |
573 | 1,151 | 951 | 1,420 | 1,094 | |||||||||||||||
Total Fixed Charges |
$ | 46,150 | $ | 66,676 | $ | 55,528 | $ | 63,381 | $ | 66,657 | ||||||||||
Preference security dividend requirements |
2,154 | 767 | 930 | 1,222 | 1,445 | |||||||||||||||
Total Combined Fixed Charges & Preference
Dividends |
$ | 48,304 | $ | 67,443 | $ | 56,458 | $ | 64,603 | $ | 68,102 | ||||||||||
Ratio of Earnings to Fixed Charges |
1.48 | — | — | — | 1.27 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges & Preference Dividends |
1.42 | — | — | — | 1.25 | |||||||||||||||
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 $2.3 million, $3.4 million, $5.8 million, $7.0 million, and $5.6 million in the years ended
December 31, 2010, 2009, 2008, 2007, and 2006, respectively.