EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
Year Ended May 31, | ||||||||||||||||||||
In thousands except ratios | 2001 | 2002 | 2003 | 2004 | 2005 | |||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and changes in accounting principles | $ | 37,571 | $ | 72,550 | $ | (40,391 | ) | $ | 51,545 | $ | 183,939 | |||||||||
Fixed charges | 73,247 | 62,367 | 53,730 | 82,287 | 77,915 | |||||||||||||||
Amortization of capitalized interest | 1,708 | 2,808 | 2,808 | 2,808 | 2,808 | |||||||||||||||
Less: Interest capitalized | (15,601 | ) | — | — | — | — | ||||||||||||||
Adjusted earnings | $ | 96,925 | $ | 137,725 | $ | 16,147 | $ | 136,640 | $ | 264,662 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 45,376 | $ | 49,334 | $ | 42,080 | $ | 70,608 | $ | 69,099 | ||||||||||
Interest capitalized | 15,601 | — | — | — | — | |||||||||||||||
Net amortization of debt discount, premium and issuance expense | 2,685 | 4,346 | 3,802 | 3,090 | 1,709 | |||||||||||||||
Interest portion of rent expense | 9,585 | 8,687 | 7,848 | 8,589 | 7,107 | |||||||||||||||
Total fixed charges | $ | 73,247 | $ | 62,367 | $ | 53,730 | $ | 82,287 | $ | 77,915 | ||||||||||
Ratio of earnings to fixed charges | 1.32 | 2.21 | .30 | 1.66 | 3.40 | |||||||||||||||
Deficiency of earnings to cover fixed charges | $ | — | $ | — | $ | 37,583 | $ | — | $ | — | ||||||||||