Innospec (IOSP) 10-K 2003 FY Annual report

EXHIBIT 12.1 — STATEMENT REGARDING COMPUTATION OF FINANCIAL RATIOS

(in millions, except share and per share data)

			2003			2002			2001			2000			1999
1.	NET INCOME AS A PERCENT TO SALES
	A	Net Income	$	51.8		$	52.1		$	5.6		$	18.3		$	42.6
	B	Net Sales	$	462.2		$	447.5		$	419.2		$	422.4		$	516.8
	A % of B			11.2	%		11.6	%		1.3	%		4.3	%		8.2	%
2.	EFFECTIVE INCOME TAX RATE
	C	Income Taxes	$	23.3		$	23.0		$	14.0		$	17.4		$	32.7
	D	Income before Income Taxes	$	77.1		$	74.2		$	19.8		$	35.7		$	75.3
	C % of D			30.2	%		31.0	%		70.7	%		48.8	%		43.4	%
3.	CURRENT RATIO
	E	Current Assets	$	178.9		$	171.8		$	238.3		$	188.5		$	255.8
	F	Current Liabilities	$	112.8		$	187.6		$	235.3		$	131.3		$	206.8
	E:F			1.6			0.9			1.0			1.4			1.2
4.	EARNINGS PER SHARE
	G	Net income	$	51.8		$	52.1		$	5.6		$	18.3		$	42.6
	H	Basic shares outstanding		11,925			11,817			11,764			12,581			13,827
	I	Diluted shares outstanding		12,554			12,557			12,501			13,000			13,979
	G/H Basic earnings per share		$	4.34		$	4.41		$	0.48		$	1.46		$	3.08
	G/I Diluted earnings per share		$	4.13		$	4.15		$	0.45		$	1.41		$	3.05
	Shares in thousands, earnings per share in dollars.
5.	WORKING CAPITAL
	J	Current Assets	$	178.9		$	171.8		$	238.3		$	188.5		$	255.8
	K	Current Liabilities		112.8			187.6			235.3			131.3			206.8
	L	Current Portion of Long-Term Loan		1.7			56.8			65.1			30.0			80.0
	J-K+L Working Capital		$	67.8		$	41.0		$	68.1		$	87.2		$	129.0