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Atlantic Express Transportation Corp
Computation of Ratio of Earnings to Fixed Charges (1)
| | Year ended June 30, 1999(3) | Year ended June 30, 2000(3) | Year ended June 30, 2001 | Year ended June 30, 2002 | Year ended June 30, 2003 | Year ended June 30, 2004 | Nine months ended March, 2004 (3) | Nine months ended March, 2005 (3) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings | ||||||||||||||||||||||||||
| Income (loss) before income taxes and discontinued operations | $ | (4.5 | ) | $ | (5.0 | ) | $ | (11.3 | ) | $ | (43.9 | ) | $ | (16.0 | ) | $ | 58.4 | $ | 76.4 | $ | (31.1 | ) | ||||
| Plus: fixed charges | 18.3 | 22.3 | 25.1 | 25 | 13.1 | 25.4 | 10.8 | 16.9 | ||||||||||||||||||
| $ | 13.8 | $ | 17.3 | $ | 13.8 | $ | (18.9 | ) | $ | (2.9 | ) | $ | 83.8 | $ | 87.2 | $ | (14.2 | ) | ||||||||
| Fixed Charges | ||||||||||||||||||||||||||
| Interest charges(2) | $ | 18.1 | $ | 22.1 | $ | 24.6 | $ | 24.3 | $ | 12.9 | $ | 25.2 | $ | 10.7 | $ | 16.7 | ||||||||||
| Plus interest factor in operating rent expense | 0.2 | 0.2 | 0.5 | 0.7 | 0.2 | 0.2 | 0.1 | 0.2 | ||||||||||||||||||
| $ | 18.3 | $ | 22.3 | $ | 25.1 | $ | 25.0 | $ | 13.1 | $ | 25.4 | $ | 10.8 | $ | 16.9 | |||||||||||
| Ratio of earnings to fixed charges (excess of fixed charges over earnings) | $ | (4.5 | ) | $ | (5.0 | ) | $ | (11.3 | ) | $ | (43.9 | ) | $ | (16.0 | ) | 3.30x | 8.08x | $ | (31.1 | ) | ||||||
- (1)
- The calculation excludes certain contractual interest of $11.8 million, $6.5 million and $6.5 million, as those amounts were not recorded as interest for the year ended June 30, 2003 and 2004 and nine months ended March 31, 2004, respectively, in the financial statements.
- (2)
- Interest charges include interest paid or accrued and the amortization of debt discount and debt related finance costs. There is no capitalized interest
- (3)
- Unaudited periods.
Atlantic Express Transportation Corp