Exhibit 12.1
Twin Disc, Incorporated
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
For the fiscal years ended June 30, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed | $ | 282 | $ | 303 | $ | 426 | $ | 606 | $ | 936 | ||||||||||
Amortized debt issuance costs | 35 | 35 | 10 | 6 | 6 | |||||||||||||||
Estimated interest component of rent expense (a) | 375 | 420 | 456 | 499 | 552 | |||||||||||||||
Total fixed charges | $ | 692 | $ | 758 | $ | 892 | $ | 1,111 | $ | 1,494 | ||||||||||
Earnings: | ||||||||||||||||||||
Pre tax earnings before noncontrolling interest | $ | 14,420 | $ | (9,529 | ) | $ | (25,295 | ) | $ | 15,900 | $ | 8,096 | ||||||||
Add: Fixed charges | 692 | 758 | 892 | 1,111 | 1,494 | |||||||||||||||
Less: noncontrolling interest in pre-tax income | (177 | ) | (265 | ) | (147 | ) | (335 | ) | (388 | ) | ||||||||||
Total earnings | $ | 14,934 | $ | (9,036 | ) | $ | (24,550 | ) | $ | 16,676 | $ | 9,202 | ||||||||
Ratio of earnings to fixed charges | 21.6 | nm* | nm* | 15.0 | 6.2 | |||||||||||||||
(a) The estimate of the interest component in rent expense is calculated as 14.1% of the total rent expense for the period, which is considered to be reasonable. | ||||||||||||||||||||
*The ratio of earnings to fixed charges was less than one-to-one for the fiscal years ended June 30, 2017 and 2016 by $9,794 and $25,442 of earnings respectively. |