EXHIBIT 12.1
Secunda International Limited
Ratio of Earnings to Fixed Charges
Years Ended June 30, | |||||||||||||
2001 | 2002 | 2003 | 2004 | ||||||||||
($ in thousands) | |||||||||||||
EARNINGS | |||||||||||||
Pretax income (loss) | $ | 4,731 | $ | 4,233 | $ | 3,948 | ($ | 4,669 | ) | ||||
Less: Capital taxes | 413 | 368 | 445 | 474 | |||||||||
Fixed charges (computed below) | 15,636 | 13,361 | 13,546 | 12,587 | |||||||||
Less: Interest capitalized | — | 190 | 735 | — | |||||||||
Total earnings (A) | $ | 19,954 | $ | 17,036 | $ | 16,314 | $ | 7,444 | |||||
FIXED CHARGES | |||||||||||||
Interest expensed (1) | $ | 11,565 | $ | 7,714 | $ | 7,668 | $ | 8,829 | |||||
Interest capitalized | — | 190 | 735 | — | |||||||||
Estimate of interest in lease expense | 4,071 | 5,457 | 5,143 | 3,758 | |||||||||
Total fixed charges (B) | $ | 15,636 | $ | 13,361 | $ | 13,546 | $ | 12,587 | |||||
RATIO OF EARNINGS TO FIXED CHARGES (A) DIVIDED BY (B) | 1.3X | 1.3X | 1.2X | 0.6X | |||||||||
(1) | Includes amortization of deferred financing costs. |
(2) | For the year ended June 30, 2004, the ratio of earnings to fixed charges was less than one-to-one due to a deficiency in earnings of approximately $5.1 million. |