Exhibit 12
AIRGAS, INC.
COMPUTATION OF FINANCIAL RATIOS
(in thousands, except ratios)
Fiscal Year Ended March 31, | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 1999 | 2000 | 2001 | 2002 | 2003 | Nine Months Ended 12/31/03 | ||||||||||||
EARNINGS COMPUTATION: | ||||||||||||||||||
Pretax income from continuing operations before equity method earnings | $ | 79,319 | $ | 67,033 | $ | 46,681 | $ | 74,556 | $ | 105,536 | $ | 88,052 | ||||||
Fixed charges | 74,697 | 71,862 | 77,611 | 69,167 | 70,974 | 51,697 | ||||||||||||
Distributed income of equity investees | 4,533 | 3,973 | 3,668 | 2,583 | 2,507 | 1,652 | ||||||||||||
$ | 158,549 | $ | 142,868 | $ | 127,960 | $ | 146,306 | $ | 179,017 | $ | 141,401 | |||||||
FIXED CHARGES COMPUTATION: | ||||||||||||||||||
Interest expensed | $ | 62,588 | $ | 58,712 | $ | 62,737 | $ | 52,881 | $ | 50,598 | $ | 33,963 | ||||||
Amortization of capitalized expenses related to debt | 309 | 317 | 307 | 1,143 | 2,124 | 1,782 | ||||||||||||
Estimate of the interest component of rent expense | 11,800 | 12,833 | 14,567 | 15,143 | 18,252 | 15,952 | ||||||||||||
Fixed charges for purposes of computation | $ | 74,697 | $ | 71,862 | $ | 77,611 | $ | 69,167 | $ | 70,974 | $ | 51,697 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.12X | 1.99X | 1.65X | 2.12X | 2.52X | 2.74X |