Exhibit 12.1
Fluor Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollar Amounts in Thousands)
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| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| Nine Months Ended |
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Earnings from continuing operations before income taxes |
| $ | 267,981 |
| $ | 281,158 |
| $ | 299,582 |
| $ | 381,990 |
| $ | 649,093 |
| $ | 862,551 |
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Add(subtract) |
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Equity in earnings from less than 50% owned persons, net of distributions |
| (114 | ) | (1,317 | ) | (15,624 | ) | (16,804 | ) | (16,104 | ) | (10,715 | ) | ||||||
Fixed charges |
| 39,713 |
| 47,182 |
| 51,504 |
| 66,101 |
| 71,648 |
| 51,808 |
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Total |
| $ | 307,580 |
| $ | 327,023 |
| $ | 335,462 |
| $ | 431,287 |
| $ | 704,637 |
| $ | 903,644 |
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Fixed charges |
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Interest expense |
| $ | 10,109 |
| $ | 15,446 |
| $ | 16,289 |
| $ | 23,013 |
| $ | 24,015 |
| $ | 9,569 |
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Portion of rental expense representative of interest factor* |
| 29,604 |
| 31,736 |
| 35,215 |
| 43,088 |
| 47,633 |
| 42,239 |
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Total fixed charges |
| $ | 39,713 |
| $ | 47,182 |
| $ | 51,504 |
| $ | 66,101 |
| $ | 71,648 |
| $ | 51,808 |
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Ratio of earnings to fixed charges |
| 7.75 | x | 6.93 | x | 6.51 | x | 6.52 | x | 9.83 | x | 17.44 | x |
* Considered to be representative of interest factor in rental expense.