Headwaters Inactive 10-Q2017 Q1 Quarterly report

Filed: 2 Feb 17, 12:00am

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New words: absence, absent, accuracy, allegedly, antitrust, ascribed, assumption, Atlanta, attention, attractive, Australian, automatically, backhauling, backlog, big, Boral, capable, capture, Cartage, certainty, clearance, competition, conduct, consent, conspired, constituted, consummate, consummated, consummating, consummation, contemplated, contractor, coordinated, Coupee, deal, delay, delayed, disgorgement, diverted, east, efficiency, employed, entirety, entitled, entity, equitable, extension, facilitate, fee, half, HCM, hire, illegal, impression, inability, inclusion, installation, issuance, John, Judicial, LaGen, large, largely, law, Louisiana, machine, mailing, maker, merger, milder, minimum, mitigate, modification, month, morale, North, NRG, ordinary, oversight, Parish, party, Phoenix, precipitation, prepaid, preserve, printing, promote, proposal, proxy, purport, rainfall, realize, realized, recommended, reimburse, reimbursed, requisite, resource, retain, retention, River, school, shop, sizable, slightly, solicit, southern, spread, statutory, stockholder, subcontractor, superior, Supp, text, thereon, thereunder, timeframe, timeline, traditional, transfer, treble, unaffected, unanimouisly, unanimously, uncertainty, violated, violation, vote, voting, waiting, window, written

Removed: achieved, adjusting, augmented, binding, broker, coated, collection, combining, driven, earned, eligible, elimination, environment, feature, grant, granted, hold, Incentive, measured, method, necessarily, noncurrent, nonrecurring, offsetting, payout, pricing, reclassify, recognizing, refinance, refinancing, release, replace, repurchased, reserved, restructuring, resulted, rule, SAR, securing, selected, semiannually, simplify, situation, solid, subordinate, sum, tangible, target, taxable, unregistered, unsecured, vest, vested

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Exhibit 12

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends


											Three Months
											Ended
	Year Ended September 30,										December 31,
(dollars in thousands)	2012*		2013		2014		2015		2016		2016
Fixed Charges Computation
Interest expensed and capitalized (1)	$	38,809	$	37,100	$	44,768	$	58,681	$	39,312	$	8,080
Amortized premiums, discounts, and capitalized expenses related to indebtedness		14,184		5,841		2,175		6,179		3,973		930
Reasonable approximation of interest within rental expense		3,106		3,454		3,342		3,437		3,615		967

Total Fixed Charges and Preferred Equity Dividends	$	56,099	$	46,395	$	50,285	$	68,297	$	46,900	$	9,977


Earnings Computation
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(16,454)	$	12,209	$	20,576	$	37,932	$	72,479	$	10,587
Plus
Fixed charges		56,099		46,395		50,285		68,297		46,900		9,977
Minus
Interest capitalized		137		192		427		585		837		89
Total Earnings	$	39,508	$	58,412	$	70,434	$	105,644	$	118,542	$	20,475

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		0.70		1.26		1.40		1.55		2.53		2.05

* 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.