Exhibit 12.1
KOPPERS HOLDINGS INC.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
|
| 2011 |
|
| 2012 |
|
| 2013 |
|
| 2014 |
|
| 2015 |
|
| Nine Months Ended September 30, 2016 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before taxes |
| $ | 52.5 |
|
| $ | 100.6 |
|
| $ | 77.0 |
|
| $ | (5.9 | ) |
| $ | (80.1 | ) |
| $ | 31.4 |
|
Deduct: Equity earnings net of dividends |
|
| 0.2 |
|
|
| 0.8 |
|
|
| 0.8 |
|
|
| (1.6 | ) |
|
| (3.1 | ) |
|
| (1.0 | ) |
Deduct: Pre-tax income of noncontrolling interests |
|
| 0.9 |
|
|
| 2.0 |
|
| 0.0 |
|
| 0.0 |
|
| 0.0 |
|
| 0.0 |
| ||||
Add: Fixed charges |
|
| 40.8 |
|
|
| 41.6 |
|
|
| 39.4 |
|
|
| 51.8 |
|
|
| 64.6 |
|
|
| 50.4 |
|
Earnings as defined |
| $ | 92.2 |
|
| $ | 139.4 |
|
| $ | 115.6 |
|
| $ | 47.5 |
|
| $ | (12.4 | ) |
| $ | 82.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expensed |
| $ | 27.2 |
|
| $ | 27.9 |
|
| $ | 26.8 |
|
| $ | 39.1 |
|
| $ | 50.7 |
|
| $ | 38.3 |
|
Other |
| 0.0 |
|
| 0.0 |
|
| 0.4 |
|
| 1.3 |
|
| 0.0 |
|
| 0.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents |
|
| 43.8 |
|
|
| 44.3 |
|
|
| 39.4 |
|
|
| 36.7 |
|
|
| 44.7 |
|
|
| 38.9 |
|
Interest factor |
|
| 31 | % |
|
| 31 | % |
|
| 31 | % |
|
| 31 | % |
|
| 31 | % |
|
| 31 | % |
Estimated interest component of rent |
|
| 13.6 |
|
|
| 13.7 |
|
|
| 12.2 |
|
|
| 11.4 |
|
|
| 13.9 |
|
|
| 12.1 |
|
Total fixed charges |
| $ | 40.8 |
|
| $ | 41.6 |
|
| $ | 39.4 |
|
| $ | 51.8 |
|
| $ | 64.6 |
|
| $ | 50.4 |
|
Ratio of earnings to fixed charges(1) |
|
| 2.26 |
|
|
| 3.35 |
|
|
| 2.93 |
|
|
| 0.92 |
|
|
| (0.19 | ) |
|
| 1.64 |
|
(1) | In 2014 and 2015, earnings did not cover fixed charges by $4.3 million and $77.0 million, respectively. |