EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
CLEAN HARBORS, INC. AND SUBSIDIARIES
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| For the Year Ended December 31, |
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| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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|
| (In thousands, except ratio) |
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Income from operations before income taxes |
| $ | 127,730 |
| $ | 184,678 |
| $ | 184,477 |
| $ | 61,472 |
| $ | 93,977 |
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Add (Subtract): |
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Capitalized interest |
| (155 | ) | (451 | ) | (541 | ) | (236 | ) | (157 | ) | |||||
Amortization of capitalized interest |
| 715 |
| 678 |
| 616 |
| 567 |
| 541 |
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Fixed charges (see calculation below) |
| 54,977 |
| 46,260 |
| 35,620 |
| 23,511 |
| 18,736 |
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Income from operations before income taxes as adjusted |
| $ | 183,267 |
| $ | 231,165 |
| $ | 220,172 |
| $ | 85,314 |
| $ | 113,098 |
|
Fixed charges: |
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Interest expense, net |
| $ | 47,287 |
| $ | 39,389 |
| $ | 27,936 |
| $ | 15,999 |
| $ | 8,403 |
|
Interest income |
| 846 |
| 798 |
| 874 |
| 825 |
| 623 |
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Capitalized interest |
| 155 |
| 451 |
| 541 |
| 236 |
| 157 |
| |||||
Amortization of capitalized interest |
| (715 | ) | (678 | ) | (616 | ) | (567 | ) | (541 | ) | |||||
Preferred stock dividend |
| — |
| — |
| — |
| — |
| — |
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Portion of operating lease rental expenses deemed to be representative of the interest factor |
| 7,404 |
| 6,300 |
| 6,885 |
| 7,018 |
| 5,624 |
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Fixed charges |
| $ | 54,977 |
| $ | 46,260 |
| $ | 35,620 |
| $ | 23,511 |
| $ | 18,736 |
|
Ratio of earnings to fixed charges |
| 3.3x |
| 5.0x |
| 6.2x |
| 3.6x |
| 6.0x |
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