Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands except ratios)
06 | 07 | 08 | 09 | 10 | 6 mos. ended 2/28/2010 | 6 mos. ended 2/28/2011 | LTM ended 2/28/2011 | |||||||||||||||||||||||||
FIXED CHARGES (1) | ||||||||||||||||||||||||||||||||
Interest expensed and capitalized | $ | 24,645 | $ | 28,178 | $ | 36,934 | $ | 36,006 | $ | 35,177 | $ | 17,183 | $ | 17,792 | $ | 35,786 | ||||||||||||||||
Amortized premiums related to indebtness | 1,429 | 1,083 | 424 | 385 | 333 | 167 | 166 | 332 | ||||||||||||||||||||||||
Operating lease expense | 10,876 | 11,094 | 11,564 | 11,342 | 12,107 | 5,541 | 6,068 | 12,634 | ||||||||||||||||||||||||
Estimate of interest within rental expense | 3,622 | 3,694 | 3,851 | 3,777 | 4,032 | 1,845 | 2,021 | 4,207 | ||||||||||||||||||||||||
Total Fixed Charges | 29,696 | 32,955 | 41,209 | 40,168 | 39,542 | 19,195 | 19,979 | 40,325 | ||||||||||||||||||||||||
EARNINGS (1) | ||||||||||||||||||||||||||||||||
ADD | ||||||||||||||||||||||||||||||||
Pretax income (loss) | 108,463 | 145,386 | (85,390 | ) | 64,262 | (114,780 | ) | (75,690 | ) | (12,201 | ) | (51,291 | ) | |||||||||||||||||||
Fixed Charges | 29,696 | 32,955 | 41,209 | 40,168 | 39,542 | 19,195 | 19,979 | 40,325 | ||||||||||||||||||||||||
TOTAL EARNINGS | $ | 138,159 | $ | 178,341 | $ | (44,181 | ) | $ | 104,430 | $ | (75,238 | ) | $ | (56,495 | ) | $ | 7,778 | $ | (10,966 | ) | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.7 | 5.4 | — | 2.6 | — | — | — | — |
(1) | Represents amounts attributable to United Refining Company’s stockholder. |