Exhibit 12.1
Thermon Group Holdings, Inc.
Computation of Ratios of Earnings to Fixed Charges
(amounts in thousands of dollars, except ratio data)
|
|
|
| Pre- |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| Predecessor/ |
|
|
|
|
| Predecessor/ |
| Predecessor/ |
|
|
| |||||||
|
| Pre- |
| Predecessor |
|
|
|
|
| Successor |
| Successor |
|
|
| |||||||
|
| Predecessor |
| Combined |
| Predecessor |
| Combined |
| Combined |
| Successor |
| |||||||||
|
| Fiscal Year Ended March 31, |
| Nine Months Ended December 31, |
| |||||||||||||||||
|
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2010 |
| 2011 |
| |||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (loss) from continuing operations before provision for income taxes |
| $ | 16,157 |
| $ | 699 |
| $ | 28,196 |
| $ | 32,906 |
| $ | (26,481 | ) | $ | (27,734 | ) | $ | 9,075 |
|
Plus: Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense and amortization of premiums/discounts (a) |
| 882 |
| 8,374 |
| 9,625 |
| 7,357 |
| 29,000 |
| 23,940 |
| 16,023 |
| |||||||
Estimated interest component of rental expense |
| 590 |
| 574 |
| 535 |
| 566 |
| 677 |
| 500 |
| 548 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Fixed Charges |
| $ | 1,472 |
| $ | 8,948 |
| $ | 10,160 |
| $ | 7,923 |
| $ | 29,677 |
| 24,440 |
| 16,571 |
| ||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pre tax income from continuing operations plus fixed charges |
| $ | 17,629 |
| $ | 9,647 |
| $ | 38,356 |
| $ | 40,829 |
| $ | 3,196 |
| (3,294 | ) | 25,646 |
| ||
Ratio of Earnings to Fixed Charges |
| 12.0 | x | 1.1 | x | 3.8 | x | 5.2 | x | nm | (b) | nm | (b) | 1.6 | x | |||||||
(a) | The Company considers one-third of rent expense to be a reasonable estimate of the related interest expense. |
(b) | Earnings were insufficient to cover fixed charges in the fiscal year ended March 31, 2011 and the nine months ended December 31, 2010 by $56.2 million and $52.2 million, respectively, due to increased interest and amortization expenses, financing fees and other non-recurring expenses related to the acquisition of a controlling interest in the Company by an investor group led by our private equity sponsors, which was completed on April 30, 2010. |
