Exhibit 12.1
Fluor Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in thousands)
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| Full Year |
| Full Year |
| Full Year |
| Full Year |
| Full Year |
| Three Months |
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Earnings from continuing operations before income taxes |
| $ | 659,903 |
| $ | 1,141,694 |
| $ | 1,136,788 |
| $ | 559,596 |
| $ | 1,001,816 |
| $ | 240,800 |
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Add (subtract): |
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Equity in (earnings) from less than 50% owned investees, net of distributions |
| (16,104 | ) | (12,014 | ) | (3,699 | ) | 12,343 |
| 19,225 |
| (7,857 | ) | ||||||
Noncontrolling interests in earnings before income taxes |
| (19,384 | ) | (34,327 | ) | (49,973 | ) | (84,526 | ) | (105,656 | ) | (22,596 | ) | ||||||
Fixed charges |
| 82,055 |
| 80,242 |
| 45,122 |
| 46,778 |
| 42,132 |
| 13,827 |
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Total |
| $ | 706,470 |
| $ | 1,175,595 |
| $ | 1,128,238 |
| $ | 534,191 |
| $ | 957,517 |
| $ | 224,174 |
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Fixed charges: |
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Interest expense |
| $ | 32,707 |
| $ | 18,439 |
| $ | 10,054 |
| $ | 10,616 |
| $ | 15,601 |
| $ | 6,881 |
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Portion of rental expense representative of interest factor* |
| 49,348 |
| 61,803 |
| 35,068 |
| 36,162 |
| 26,531 |
| 6,946 |
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Total fixed charges |
| $ | 82,055 |
| $ | 80,242 |
| $ | 45,122 |
| $ | 46,778 |
| $ | 42,132 |
| $ | 13,827 |
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Ratio of earnings to fixed charges |
| 8.61x |
| 14.65x |
| 25.00x |
| 11.42x |
| 22.73x |
| 16.21x |
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* Considered to be representative of interest factor in rental expense.