Exhibit 12.1
KOPPERS HOLDINGS INC.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
| 2011 | 2012 | 2013 | 2014 | 2015 | Nine Months Ended September 30, 2016 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before taxes | $ | 52.5 | $ | 100.6 | $ | 77.0 | $ | (5.9 | ) | $ | (80.1 | ) | $ | 31.4 | ||||||||||
Deduct: Equity earnings net of dividends | 0.2 | 0.8 | 0.8 | (1.6 | ) | (3.1 | ) | (1.0 | ) | |||||||||||||||
Deduct: Pre-tax income of noncontrolling interests | 0.9 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
Add: Fixed charges | 40.8 | 41.6 | 39.4 | 51.8 | 64.6 | 50.4 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings as defined | $ | 92.2 | $ | 139.4 | $ | 115.6 | $ | 47.5 | $ | (12.4 | ) | $ | 82.8 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 27.2 | $ | 27.9 | $ | 26.8 | $ | 39.1 | $ | 50.7 | $ | 38.3 | ||||||||||||
Other | 0.0 | 0.0 | 0.4 | 1.3 | 0.0 | 0.0 | ||||||||||||||||||
Rents | 43.8 | 44.3 | 39.4 | 36.7 | 44.7 | 38.9 | ||||||||||||||||||
Interest factor | 31 | % | 31 | % | 31 | % | 31 | % | 31 | % | 31 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Estimated interest component of rent | 13.6 | 13.7 | 12.2 | 11.4 | 13.9 | 12.1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 40.8 | $ | 41.6 | $ | 39.4 | $ | 51.8 | $ | 64.6 | $ | 50.4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges (1) | 2.26 | 3.35 | 2.93 | 0.92 | (0.19 | ) | 1.64 | |||||||||||||||||
| (1) | In 2014 and 2015, earnings did not cover fixed charges by $4.3 million and $77.0 million, respectively. |
