Exhibit 12.1
KOPPERS HOLDINGS INC.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Income from continuing operations before taxes | $ | 18.2 | $ | 18.6 | $ | 79.5 | $ | 90.0 | $ | 35.5 | ||||||||||||
Deduct: Equity earnings net of dividends | 0.1 | (0.3 | ) | (0.2 | ) | (0.6 | ) | (0.8 | ) | |||||||||||||
Deduct: Pre-tax income of noncontrolling interests | 2.7 | 1.9 | 3.1 | 0.8 | 3.4 | |||||||||||||||||
Add: Fixed charges | 59.7 | 69.4 | 55.5 | 53.5 | 71.6 | |||||||||||||||||
Earnings as defined | $ | 75.1 | $ | 86.4 | $ | 132.1 | $ | 143.3 | $ | 104.5 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expensed | $ | 51.7 | $ | 61.3 | $ | 45.9 | $ | 41.4 | $ | 58.7 | ||||||||||||
Interest capitalized | — | 0.2 | 0.3 | — | — | |||||||||||||||||
Other | — | — | — | 0.4 | 0.5 | |||||||||||||||||
Rents | 25.7 | 26.1 | 31.1 | 39.0 | 41.5 | |||||||||||||||||
Interest factor | 31 | % | 31 | % | 31 | % | 31 | % | 31 | % | ||||||||||||
Estimated interest component of rent | 8.0 | 8.1 | 9.6 | 12.1 | 12.9 | |||||||||||||||||
Total fixed charges | $ | 59.7 | $ | 69.6 | $ | 55.8 | $ | 53.9 | $ | 72.1 | ||||||||||||
Ratio of earnings to fixed charges | 1.26 | 1.24 | 2.37 | 2.66 | 1.45 | |||||||||||||||||
Preference dividends | $ | 29.0 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Ratio of pre-tax income to net income | 1.72 | — | — | — | — | |||||||||||||||||
Preferred dividend factor | $ | 49.9 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Ratio of earnings to combined fixed charges and preference dividends(1) | — | — | 1.24 | 2.37 | 2.66 | 1.45 |
(1) | Earnings were insufficient to cover combined fixed charges and preference dividends by and $34.5 million in 2005. |