Airgas Specialty Gases Inactive 10-K2006 FY Annual report

Filed: 14 Jun 06, 12:00am

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New words: abatement, accomplish, accuracy, aqua, ARB, Arizona, assimilation, assumption, auto, AZ, beneficial, Brent, CA, capitalizable, catastrophic, categorized, cleanup, coast, compete, complex, complimentary, country, criminal, cyclical, damage, damaged, dedication, diesel, diminish, disadvantage, disagreement, discipline, Duvall, encountering, entirety, ESPP, excellent, expertise, explosion, fail, fire, foregoing, Frameworkissued, Gaspro, Hilliard, holdback, Hybrid, imposed, incomplete, input, Jay, Jose, Katrina, Keith, larger, leasehold, lost, metalworking, MG, misappropriation, mismanagement, modestly, momentum, MRO, mutual, NiSource, notice, notification, observe, ongoing, outcome, owed, peer, permanent, Phoenix, pick, Pond, poor, premium, reconstruction, remediation, remove, restored, Rita, Rohde, role, San, Sattesahn, seasoned, segregated, sequenced, ship, shut, Southwestern, suffer, suspended, team, termconditional, treated, trend, twelve, unable, uncertainty, uneconomical, unexpected, Unresolved, Valley, Valspar, vulnerability, wage, water, YESo

Removed: AC, accrue, alfred, anticipation, attached, closure, contingently, crichton, defend, ending, estate, excluding, fit, flat, founded, generate, grantor, improve, involvement, issuable, Keen, leadership, minimize, modest, overdraft, presence, real, similar, southern, unanticipated, Virginia

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Exhibit 12

AIRGAS, INC.

COMPUTATION OF FINANCIAL RATIOS

(in thousands, except ratios)


Ratio of Earnings to Fixed Charges	2002		2003		2004			2005			2006

EARNINGS COMPUTATION:
Add:
Pretax income from continuing operations before equity earnings and minority interest	$	79,304	$	108,768	$	124,395		$	147,627		$	208,037
Fixed charges		67,849		68,767		66,848			83,139			92,553
Distributed income of unconsolidated Affiliate		901		943		724			—			—

	$	148,054	$	178,478	$	191,967		$	230,766		$	300,590


Subtract:
Preferred dividend requirements of consolidated affiliate		—		—		(1,151	)		(4,626	)		(4,589	)

Earnings for purposes of computation	$	148,054	$	178,478	$	190,816		$	226,140		$	296,001


FIXED CHARGES COMPUTATION:
Interest expense (1)	$	52,783	$	50,639	$	46,340		$	57,547		$	65,110
Estimate of the interest component of rent expense		15,066		18,128		19,357			20,966			22,854

Preferred dividend requirements of consolidated affiliate		—		—		1,151			4,626			4,589

Fixed charges for purposes of computation	$	67,849	$	68,767	$	66,848		$	83,139		$	92,553


RATIO OF EARNINGS TO FIXED CHARGES		2.18X		2.60X		2.85X			2.72X			3.20X

(1)

includes amortization of capitalized financing costs and discount on trade receivable securitization.