Exhibit 12
The Greenbrier Companies
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Year ended August 31, | Nine Months | |||||||||||||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | 5/31/2005 | 5/31/2006 | ||||||||||||||||||||||
Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries | $ | 8,523 | $ | (47,230 | ) | $ | 10,758 | $ | 31,194 | $ | 50,000 | 32,391 | $ | 49,117 | ||||||||||||||
Interest expense | 22,264 | 19,055 | 14,489 | 11,553 | 14,000 | 8,909 | 19,310 | |||||||||||||||||||||
Estimated interest portion of rent expense | 7,181 | 6,287 | 6,136 | 5,388 | 5,591 | 4,154 | 4,526 | |||||||||||||||||||||
$ | 37,968 | $ | (21,888 | ) | $ | 31,383 | $ | 48,135 | $ | 69,591 | $ | 45,454 | $ | 72,953 | ||||||||||||||
Fixed charges | $ | 29,445 | $ | 25,342 | $ | 20,625 | $ | 16,941 | $ | 19,591 | $ | 13,063 | $ | 23,836 | ||||||||||||||
Ratio of earnings to fixed charges | 1.29 | (0.86 | ) | 1.52 | 2.84 | 3.55 | 3.48 | 3.06 |