Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Blount International, Inc.
(Thousands of Dollars)
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Earnings Before Income Taxes | 31,618 | 31,933 | 63,588 | 48,173 | 46,391 | 53,958 | ||||||||||||||||||
Interest Expense, Including Amortization of Debt Issuance Costs | ||||||||||||||||||||||||
12,926 | 24,707 | 27,094 | 33,066 | 35,782 | 37,329 | |||||||||||||||||||
Interest Portion of Fixed Rent (1) | 216 | 431 | 439 | 393 | 505 | 394 | ||||||||||||||||||
Undistributed Earnings of Unconsolidated Subsidiaries | - | - | - | - | - | - | ||||||||||||||||||
Earnings, as Adjusted | 44,760 | 57,071 | 91,121 | 81,632 | 82,678 | 91,681 | ||||||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest Expense, Including Amortization of Debt Issuance Costs | ||||||||||||||||||||||||
12,926 | 24,707 | 27,094 | 33,066 | 35,782 | 37,329 | |||||||||||||||||||
Capitalized Interest | 90 | 292 | 213 | 403 | 303 | 406 | ||||||||||||||||||
Interest Portion of Fixed Rent (1) | 216 | 431 | 439 | 393 | 505 | 394 | ||||||||||||||||||
Fixed Charges | 13,232 | 25,430 | 27,746 | 33,862 | 36,590 | 38,129 | ||||||||||||||||||
Ratio of earnings to fixed charges | 3.38 | 2.24 | 3.28 | 2.41 | 2.26 | 2.40 |
There were no dividends paid or accrued during the periods presented.
(1) The Company has included 20% of rent expense on operating leases. Management believes that 20% represents an appropriate implied interest factor for the Company's operating leases.