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STEEL DYNAMICS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
| | 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Interest expense, including amortization of debt issuance costs | $ | 45,355 | $ | 39,547 | $ | 37,492 | $ | 60,526 | $ | 162,396 | |||||||
Capitalized interest | 6,935 | 730 | 1,686 | 13,717 | 17,822 | ||||||||||||
Fixed charges (a) | 52,290 | 40,277 | 39,178 | 74,243 | 180,218 | ||||||||||||
Income before taxes and extraordinary items | 475,033 | 360,626 | 631,555 | 630,238 | 743,813 | ||||||||||||
Amortization of capitalized interest | 3,729 | 4,073 | 4,814 | 5,069 | 4,670 | ||||||||||||
Less capitalized interest | (6,935 | ) | (730 | ) | (1,686 | ) | (13,717 | ) | (17,822 | ) | |||||||
Adjusted earnings (b) | 524,117 | 404,246 | 673,861 | 695,833 | 910,879 | ||||||||||||
Ratio (b) / (a) | 10.02x | 10.04x | 17.20x | 9.37x | 5.05x | ||||||||||||
For purposes of calculating our ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes and extraordinary items, adjusted for the portion of fixed charges deducted from the earnings, plus amortization of capitalized interest. Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuances costs.
STEEL DYNAMICS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)