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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 | Six months ended December, 2003(3) | Six months ended December, 2004(3) | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings | |||||||||||||||||||||||||
| Income (loss) before income taxes and discontinued operations | $ | (4.5 | ) | $ | (5.0 | ) | $ | (11.3 | ) | $ | (43.9 | ) | $ | (16.0 | ) | $ | 58.4 | $ | 78.5 | $ | (23.6 | ) | |||
| Plus: fixed charges | 18.3 | 22.3 | 25.1 | 25 | 13.1 | 25.4 | 7.0 | 10.7 | |||||||||||||||||
| $ | 13.8 | $ | 17.3 | $ | 13.8 | $ | (18.9 | ) | $ | (2.9 | ) | $ | 83.8 | $ | 85.5 | $ | (12.9 | ) | |||||||
| Fixed Charges | |||||||||||||||||||||||||
| Interest charges (2) | $ | 18.1 | $ | 22.1 | $ | 24.6 | $ | 24.3 | $ | 12.9 | $ | 25.2 | $ | 6.9 | $ | 10.6 | |||||||||
| Plus interest factor in operating rent expense | 0.2 | 0.2 | 0.5 | 0.7 | 0.2 | 0.2 | 0.1 | 0.1 | |||||||||||||||||
| $ | 18.3 | $ | 22.3 | $ | 25.1 | $ | 25.0 | $ | 13.1 | $ | 25.4 | $ | 7.0 | $ | 10.7 | ||||||||||
| Ratio of earnings to fixed charges (excess of fixed charges over earnings) | $ | (4.5 | ) | $ | (5.0 | ) | $ | (11.3 | ) | $ | (43.9 | ) | $ | (16.0 | ) | 3.30x | 12.22x | $ | (23.6 | ) | |||||
- (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 the six months ended December 31, 2003, 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