LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
For the Years Ended December 31, | For the Three Months Ended March 31, | |||||||||||||||||||||||
(In millions, except ratio) | 2003 | 2002 | 2001 | 2000 | 1999 | 2004 | ||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||
Income (loss) before income taxes, cumulative effect of accounting change, minority interest and income or loss from equity investees | $ | 126.5 | $ | 74.4 | $ | (44.3 | ) | $ | 100.6 | $ | 123.1 | $ | (219.5 | ) | ||||||||||
Fixed charges | $ | 51.9 | $ | 59.5 | $ | 69.2 | $ | 81.7 | $ | 48.7 | $ | 12.1 | ||||||||||||
Earnings as defined | $ | 178.4 | $ | 133.9 | $ | 24.9 | $ | 182.3 | $ | 171.8 | $ | (207.4 | ) | |||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||
Interest expense, including amortization of deferred finance charges | $ | 32.0 | $ | 36.5 | $ | 45.9 | $ | 59.3 | $ | 35.9 | $ | 8.5 | ||||||||||||
Portion of rental expense representative of the interest factor | $ | 19.9 | $ | 23.0 | $ | 23.3 | $ | 22.4 | $ | 12.8 | $ | 3.6 | ||||||||||||
Fixed charges as defined | $ | 51.9 | $ | 59.5 | $ | 69.2 | $ | 81.7 | $ | 48.7 | $ | 12.1 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES(1) | 3.44 | 2.25 | — | 2.23 | 3.53 | — | ||||||||||||||||||
(1) | Due to restructuring charges in 2001 of $73.2 million (of which $7.8 million was included in cost of goods sold), additional earnings of $44.3 million would have been necessary to cover fixed charges. |