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)
| | Year Ended April 30, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||
(Loss) income from continuing operations before income taxes, discontinued operations and cumulative effect of change in accounting principle | $ | 4,954 | $ | 14,606 | $ | 19,774 | $ | (23,324 | ) | $ | (2,271 | ) | |||||
Loss (gain) in equity method investees | (2,261 | ) | (2,883 | ) | (5,742 | ) | (1,051 | ) | 6,077 | ||||||||
Distributed income of equity method investees | — | 2,000 | — | — | — | ||||||||||||
Fixed charges | 25,677 | 29,806 | 33,410 | 41,560 | 46,166 | ||||||||||||
Less: interest capitalized | (356 | ) | (492 | ) | (1,239 | ) | (1,397 | ) | (1,304 | ) | |||||||
Earnings | $ | 28,014 | $ | 43,037 | $ | 46,203 | $ | 15,788 | $ | 48,668 | |||||||
Interest expense (includes amort. of premium and def. financing charges) | $ | 23,681 | $ | 27,703 | $ | 30,636 | $ | 38,392 | $ | 42,859 | |||||||
Estimate of interest within rental expense | 1,640 | 1,611 | 1,535 | 1,771 | 2,003 | ||||||||||||
Interest capitalized | 356 | 492 | 1,239 | 1,397 | 1,304 | ||||||||||||
Fixed charges | $ | 25,677 | $ | 29,806 | $ | 33,410 | $ | 41,560 | $ | 46,166 | |||||||
Ratio of earnings to fixed charges | 1.09 | 1.44 | 1.38 | — | 1.05 | ||||||||||||
Deficiency of earnings to fixed charges | $ | — | $ | — | $ | — | $ | (25,772 | ) | $ | — | ||||||
Fixed charges from above | $ | 25,677 | $ | 29,806 | $ | 33,410 | $ | 41,560 | $ | 46,166 | |||||||
Preferred stock dividends | 2,622 | 5,905 | 5,579 | 5,408 | — | ||||||||||||
Combined fixed charges and preferred stock dividends | $ | 28,299 | $ | 35,711 | $ | 38,989 | $ | 46,968 | $ | 46,166 | |||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | — | 1.21 | 1.19 | — | 1.05 | ||||||||||||
Deficiency of earnings to combined fixed charges and preferred stock dividends | $ | (285 | ) | $ | — | $ | — | $ | (31,180 | ) | $ | — | |||||
