EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
CLEAN HARBORS, INC.
Offer to Exchange 75/8% Senior Secured Notes due 2016
Registered under the Securities Act of 1933 for
All Outstanding Unregistered 75/8% Senior Secured Notes due 2016
|
| For the Three Months |
| For the Year Ended December 31, |
| |||||||||||||||||
|
| 2011 |
| 2010 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| |||||||
|
| (Dollars in thousands) |
| |||||||||||||||||||
Income from operations before income taxes |
| $ | 36,163 |
| $ | 17,137 |
| $ | 184,477 |
| $ | 61,472 |
| $ | 93,977 |
| $ | 72,238 |
| $ | 52,953 |
|
Add (Subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Capitalized interest |
| (272 | ) | (81 | ) | (541 | ) | (236 | ) | (157 | ) | (1,179 | ) | (682 | ) | |||||||
Amortization of capitalized interest |
| 182 |
| 167 |
| 616 |
| 567 |
| 541 |
| 435 |
| 294 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed charges (see calculation below) |
| 11,410 |
| 14,244 |
| 35,620 |
| 23,511 |
| 18,736 |
| 22,897 |
| 20,259 |
| |||||||
Income from operations before income taxes as adjusted |
| $ | 47,483 |
| $ | 31,467 |
| $ | 220,172 |
| $ | 85,314 |
| $ | 113,098 |
| $ | 94,391 |
| $ | 72,824 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense, net |
| $ | 6,478 |
| $ | 6,928 |
| $ | 27,936 |
| $ | 15,999 |
| $ | 8,403 |
| $ | 13,157 |
| $ | 12,447 |
|
Interest income |
| 244 |
| 102 |
| 874 |
| 825 |
| 623 |
| 4,023 |
| 3,589 |
| |||||||
Capitalized interest |
| 272 |
| 81 |
| 541 |
| 236 |
| 157 |
| 1,179 |
| 682 |
| |||||||
Amortization of capitalized interest |
| (182 | ) | (167 | ) | (616 | ) | (567 | ) | (541 | ) | (435 | ) | (294 | ) | |||||||
Preferred stock dividend |
| — |
| — |
| — |
| — |
| — |
| 332 |
| 314 |
| |||||||
Portion of operating lease rental expenses deemed to be representative of the interest factor |
| 4,598 |
| 7,300 |
| 6,885 |
| 7,018 |
| 5,624 |
| 4,641 |
| 3,521 |
| |||||||
Fixed charges |
| $ | 11,410 |
| $ | 14,244 |
| $ | 35,620 |
| $ | 23,511 |
| $ | 18,736 |
| $ | 22,897 |
| $ | 20,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ratio of earnings to fixed charges |
| 4.2x |
| 2.2x |
| 6.2x |
| 3.6x |
| 6.0x |
| 4.1x |
| 3.6x |
|