Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - Western Refining, Inc. | d79876exv32w2.htm |
| EX-23.1 - EX-23.1 - Western Refining, Inc. | d79876exv23w1.htm |
| 10-K - FORM 10-K - Western Refining, Inc. | d79876e10vk.htm |
| EX-31.1 - EX-31.1 - Western Refining, Inc. | d79876exv31w1.htm |
| EX-32.1 - EX-32.1 - Western Refining, Inc. | d79876exv32w1.htm |
| EX-31.2 - EX-31.2 - Western Refining, Inc. | d79876exv31w2.htm |
| EX-10.32 - EX-10.32 - Western Refining, Inc. | d79876exv10w32.htm |
| EX-10.33 - EX-10.33 - Western Refining, Inc. | d79876exv10w33.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 (1) | 2006 | ||||||||||||||||
| (In thousands, except coverage ratio) | ||||||||||||||||||||
Earnings (loss) before income taxes |
$ | (43,126 | ) | $ | (391,204 | ) | $ | 84,421 | $ | 340,503 | $ | 317,153 | ||||||||
Add: |
||||||||||||||||||||
Interest expense |
146,549 | 121,321 | 102,202 | 53,843 | 2,167 | |||||||||||||||
Amortization of loan fees |
9,739 | 6,870 | 4,789 | 1,912 | 500 | |||||||||||||||
Amortization of capitalized interest |
1,140 | 1,326 | 364 | 78 | 47 | |||||||||||||||
Interest component of rental expense (1) |
5,779 | 6,130 | 6,084 | 3,929 | 231 | |||||||||||||||
Earnings (loss) as adjusted |
$ | 120,081 | $ | (255,557 | ) | $ | 197,860 | $ | 400,265 | $ | 320,098 | |||||||||
Fixed charges: |
||||||||||||||||||||
Interest expense |
$ | 146,549 | $ | 121,321 | $ | 102,202 | $ | 53,843 | $ | 2,167 | ||||||||||
Amortization of loan fees |
9,739 | 6,870 | 4,789 | 1,912 | 500 | |||||||||||||||
Capitalized interest |
4,248 | 6,416 | 9,935 | 5,844 | 45 | |||||||||||||||
Interest component of rental expense (1) |
5,779 | 6,130 | 6,084 | 3,929 | 231 | |||||||||||||||
Fixed charges |
$ | 166,315 | $ | 140,737 | $ | 123,010 | $ | 65,528 | $ | 2,943 | ||||||||||
Ratio of earnings to fixed charges |
— | — | 1.61 | 6.11 | 108.77 | |||||||||||||||
Coverage deficiency (2) |
$ | 46,234 | $ | 396,294 | $ | — | $ | — | $ | — | ||||||||||
| (1) | Interest component of rental expense estimated based upon present value of lease payments over average weighted terms. The increase in 2007 is directly attributable to the acquisition of Giant Industries, Inc. | |
| (2) | Absent non-cash charges for asset impairments of $352,340 that occurred during the year ended December 31, 2009, the coverage deficiency would have been $43,954. |