Eagle Picher Development 10-Q 2003 Q2 Quarterly report

Exhibit 12.1

Ratios of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)		Three-Months Ended May 31,					Six-Months Ended May 31,
		2002			2003		2002			2003
Income (Loss) from continuing operations before taxes		$	(20,703	)	$	11,972	$	(26,498	)	$	14,309
Fixed Charges:
	Interest		10,915			9,043		21,696			18,146
	Interest factor portion of rentals		480			413		960			825
			11,395			9,456		22,656			18,971
Earnings (Loss) before fixed charges		$	(9,308	)	$	21,428	$	(3,842	)	$	33,280
Preferred stock dividends accreted or accrued		$	3,719		$	4,169	$	7,231		$	8,106
Ratio of earnings to fixed charges and preferred stock dividends			N/A			1.57x		N/A			1.23x
Earnings inadequate to cover fixed charges and preferred stock Dividends		$	24,422			N/A	$	33,729			N/A