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Ratio of Earnings to Fixed Charges
CLEAN HARBORS, INC.
Offer to Exchange 111/4% Senior Secured Notes due 2012
Registered under the Securities Act of 1933 for
All Outstanding Unregistered 111/4% Senior Secured Notes due 2012
Pursuant to the Prospectus dated , 2005
| | For the Three Months Ended March 31, | For the Year Ended December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2005 | 2004 | 2004 | (Restated) 2003 | (Restated) 2002 | (Restated) 2001 | (Restated) 2000 | |||||||||||||||
| | (Dollars in thousands) | |||||||||||||||||||||
| Income (loss) from operations before income taxes | $ | 4,873 | $ | 4,029 | $ | 8,643 | $ | (12,212 | ) | $ | (24,660 | ) | $ | 7,689 | $ | 5,601 | ||||||
Add (Subtract): | ||||||||||||||||||||||
| Capitalized interest | — | (615 | ) | (1,922 | ) | — | — | — | — | |||||||||||||
| Amortization of capitalized interest | — | — | 24 | — | — | — | — | |||||||||||||||
| Fixed charges (see calculation below) | 6,626 | 7,902 | 31,985 | 29,496 | 16,326 | 12,494 | 11,258 | |||||||||||||||
| Income (loss) from operations before income taxes as adjusted | $ | 11,499 | $ | 11,316 | $ | 38,730 | $ | 17,284 | $ | (8,334 | ) | $ | 20,183 | $ | 16,859 | |||||||
Fixed charges: | ||||||||||||||||||||||
| Interest expense, net | $ | 5,961 | $ | 5,358 | $ | 22,297 | $ | 23,724 | $ | 13,414 | $ | 10,724 | $ | 9,795 | ||||||||
| Interest income | 223 | 270 | 692 | 1,003 | 478 | 21 | 10 | |||||||||||||||
| Capitalized interest | — | 615 | 1,922 | — | — | — | — | |||||||||||||||
| Amortization of capitalized interest | — | — | (24 | ) | — | — | — | — | ||||||||||||||
| Portion of rents representative of an interest factor | 372 | 436 | 1,414 | 1,706 | 1,143 | 1,096 | 1,005 | |||||||||||||||
| Preferred stock dividend | 70 | 1,223 | 5,684 | 3,063 | 1,291 | 653 | 448 | |||||||||||||||
| Fixed Charges | $ | 6,626 | $ | 7,902 | $ | 31,985 | $ | 29,496 | $ | 16,326 | $ | 12,494 | $ | 11,258 | ||||||||
| Ratio of earnings to fixed charges(1). | 1.7 | x | 1.4 | x | 1.2 | x | — | — | 1.6 | x | 1.5 | x | ||||||||||
- (1)
- During the years ended December 31, 2003 and 2002, earnings were not sufficient to cover fixed charges and the deficiency for such periods was $12.212 million and $24.660 million, respectively.