EXHIBIT 12.1
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
For the Six | ||||||||||||||||||||||||
Months Ended | ||||||||||||||||||||||||
For the Years Ended December 31, | June 30, | |||||||||||||||||||||||
(In millions, except ratio) | 2004 | 2003 | 2002 | 2001 | 2000 | 2005 | ||||||||||||||||||
EARNINGS AS DEFINED: | ||||||||||||||||||||||||
Income (loss) before income taxes, cumulative effect of accounting change, minority interest and income or loss from equity investees | $ | (124.9 | ) | $ | 126.5 | $ | 74.4 | $ | (44.3 | ) | $ | 100.6 | $ | 73.4 | ||||||||||
Fixed charges | $ | 52.3 | $ | 52.8 | $ | 59.5 | $ | 69.2 | $ | 81.7 | $ | 18.5 | ||||||||||||
Earnings as defined | $ | (72.6 | ) | $ | 179.3 | $ | 133.9 | $ | 24.9 | $ | 182.3 | $ | 91.9 | |||||||||||
FIXED CHARGES AS DEFINED: | ||||||||||||||||||||||||
Interest expense, including amortization of deferred finance charges | $ | 32.3 | $ | 32.0 | $ | 36.5 | $ | 45.9 | $ | 59.3 | $ | 11.2 | ||||||||||||
Portion of rental expense representative of the interest factor | $ | 20.0 | $ | 20.8 | $ | 23.8 | $ | 23.3 | $ | 22.4 | $ | 7.3 | ||||||||||||
Fixed charges as defined | $ | 52.3 | $ | 52.8 | $ | 60.3 | $ | 69.2 | $ | 81.7 | $ | 18.5 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES(1),(2) | — | 3.40 | 2.22 | — | 2.23 | 4.97 | ||||||||||||||||||
(1) | Due to impairment costs associated with the Company’s Service Experts segment in 2004 of $225.9 million, additional earnings of $124.9 million would have been necessary to cover fixed charges. | |
(2) | 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. |