Exhibit 12.1
THE GREENBRIER COMPANIES, INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our consolidated ratio of earnings to fixed changes for the periods indicated.
| Six Months Ended | ||||||||||||||||||||||||||||
| Fiscal Years Ended August 31 | February 28 | |||||||||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | 2009 | 2010 | ||||||||||||||||||||||
| (in thousands, except for ratios) | ||||||||||||||||||||||||||||
| Earnings (loss) before income tax, noncontrolling interest and equity in unconsolidated subsidiaries | $ | 50,000 | $ | 60,144 | $ | 30,914 | $ | 30,488 | $ | (74,215 | ) | $ | (19,056 | ) | $ | (10,876 | ) | |||||||||||
| Interest expense | 14,835 | 26,317 | 43,206 | 44,320 | 45,912 | 20,917 | 23,517 | |||||||||||||||||||||
| Estimated interest portion of rent expense | 5,591 | 6,465 | 7,249 | 11,371 | 11,869 | 5,189 | 5,699 | |||||||||||||||||||||
| $ | 70,426 | $ | 92,926 | $ | 81,369 | $ | 86,179 | $ | (16,434 | ) | $ | 7,050 | $ | 18,340 | ||||||||||||||
| Fixed charges | $ | 20,426 | $ | 32,782 | $ | 50,455 | $ | 55,691 | $ | 57,781 | $ | 26,106 | $ | 29,216 | ||||||||||||||
| Ratio of earnings to fixed charges (1) | 3.45 | 2.83 | 1.61 | 1.55 | (0.28 | ) | 0.27 | 0.63 | ||||||||||||||||||||
| Deficiency of earnings to fixed charges | $ | 74,215 | $ | 19,056 | $ | 10,876 | ||||||||||||||||||||||