HEADWATERS INC - FORM 10-K - EX-12 - November 17, 2015

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Exhibit 12

        Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 
   Year Ended September 30,  
(dollars in thousands)
   2011   2012**   2013   2014   2015  

Fixed Charges Computation

                                

Interest expensed and capitalized(1)

   $ 106,557   $ 38,809   $ 37,100   $ 44,768   $ 58,681  

Amortized premiums, discounts, and capitalized expenses related to indebtedness              

     20,069     14,184     5,841     2,175     6,179  

Reasonable approximation of interest within rental expense              

     3,323     3,106     3,454     3,342     3,437  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Charges and Preferred Equity Dividends              

   $ 129,949   $ 56,099   $ 46,395   $ 50,285   $ 68,297  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Computation

                                

Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees              

   $ (138,093 ) $ (16,454 ) $ 12,209   $ 20,576   $ 37,932  

Plus

                                

Fixed charges

     129,949     56,099     46,395     50,285     68,297  

Minus

                                

Interest capitalized

     91     137     192     427     585  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Earnings

   $ (8,235 ) $ 39,508   $ 58,412   $ 70,434   $ 105,644  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends              

     N/A *   0.70     1.26     1.40     1.55  
*
Total earnings for this period were less than zero dollars. The deficiency of earnings to fixed charges for the year ended September 30, 2011 was $138.2 million.

**
The deficiency of earnings to fixed charges for the year ended September 30, 2012 was $16.6 million.

(1)
Interest expense associated with unrecognized tax benefits is included in income tax expense, not with interest expense.



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