Exhibit 12
Calculation of Consolidated Ratios of Earnings to Fixed Charges
Casella Waste Systems, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges
and Preferred Stock Dividends
(in thousands, except ratios)
| Six Months Ended October 31, | ||||||||||||||||||||||||
| 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes, discontinued operations and cumulative effect of change in accounting principle | $ | 719 | $ | (25,511 | ) | $ | (52,509 | ) | $ | (76,110 | ) | $ | (26,687 | ) | $ | (12,041 | ) | |||||||
Loss from equity method investments | — | 936 | 4,441 | 9,994 | 4,096 | 2,690 | ||||||||||||||||||
Impairment of equity method investment | — | — | — | 10,680 | — | — | ||||||||||||||||||
Fixed charges | 21,003 | 41,149 | 44,394 | 47,504 | 48,250 | 46,210 | ||||||||||||||||||
Less: interest capitalized | (245 | ) | (256 | ) | (368 | ) | (407 | ) | (1,078 | ) | (349 | ) | ||||||||||||
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Earnings | $ | 21,477 | $ | 16,318 | $ | (4,042 | ) | $ | (8,339 | ) | $ | 24,581 | $ | 36,510 | ||||||||||
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Interest expense (includes amortization of premium and discounts and deferred financing charges) | $ | 19,173 | $ | 38,175 | $ | 41,570 | $ | 45,008 | $ | 45,543 | $ | 44,218 | ||||||||||||
Estimate of interest within rental expense | 1,585 | 2,718 | 2,456 | 2,089 | 1,629 | 1,643 | ||||||||||||||||||
Interest capitalized | 245 | 256 | 368 | 407 | 1,078 | 349 | ||||||||||||||||||
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Fixed charges | $ | 21,003 | $ | 41,149 | $ | 44,394 | $ | 47,504 | $ | 48,250 | $ | 46,210 | ||||||||||||
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Ratio of earnings to fixed charges | 1.02 | — | — | — | — | — | ||||||||||||||||||
Deficiency of earnings to fixed charges | $ | — | $ | (24,831 | ) | $ | (48,436 | ) | $ | (55,843 | ) | $ | (23,669 | ) | $ | (9,700 | ) | |||||||
Fixed charges from above | $ | 21,003 | $ | 41,149 | $ | 44,394 | $ | 47,504 | $ | 48,250 | $ | 46,210 | ||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||
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Combined fixed charges and preferred stock dividends | $ | 21,003 | $ | 41,149 | $ | 44,394 | $ | 47,504 | $ | 48,250 | $ | 46,210 | ||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 1.02 | — | — | — | — | — | ||||||||||||||||||
Deficiency of earnings to combined fixed charges and preferred stock dividends | $ | — | $ | (24,831 | ) | $ | (48,436 | ) | $ | (55,843 | ) | $ | (23,669 | ) | $ | (9,700 | ) | |||||||