Exhibit 12
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Nine Months
Ended
(in thousands) Year Ended September 30, June 30
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2001 2002 2003 2004 2005 2006
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Fixed Charges Computation
Interest expensed and capitalized $ 145 $ 417 $12,060 $13,857 $49,043 $ 26,239
Amortized premiums, discounts, and capitalized
expenses related to indebtedness 79 136 3,857 6,031 10,634 2,231
Reasonable approximation of interest within
rental expense 20 72 1,139 1,462 2,433 2,266
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Total Fixed Charges 244 625 17,056 21,350 62,110 30,736
Preferred equity dividends 113 - - - - -
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Total Fixed Charges and Preferred Equity Dividends $ 357 $ 625 $17,056 $21,350 $62,110 $ 30,736
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Earnings Computation
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries or income or loss from equity investees $ 14,468 $40,236 $60,081 $105,107 $163,808 $ 106,474
Plus
Fixed charges 357 625 17,056 21,350 62,110 30,736
Minus
Interest capitalized - - 230 435 464 664
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Total Earnings $ 14,825 $40,861 $76,907 $126,022 $225,454 $ 136,546
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends 41.53 65.38 4.51 5.90 3.63 4.44
Headwaters Inactive
Filed: 27 Jul 06, 12:00am