Exhibit 12.1
McJunkin Red Man Holding Corporation
Ratio of Earnings to Fixed Charges
(in millions)
Successor | Predecessor | |||||||||||||||||||||||||||||||
Three Months Ended | Eleven Months Ended | |||||||||||||||||||||||||||||||
March 31, | Year Ended December 31, | December 31, | One Month Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
2011(1) | 2010(2) | 2010(3) | 2009(4) | 2008 | 2007 | January 30, 2007 | 2006 | |||||||||||||||||||||||||
(Restated) | ||||||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||||||
Pretax income (loss) from continuing operations | $ | (1.8 | ) | $ | (18.4 | ) | $ | (75.2 | ) | $ | (354.8 | ) | $ | 406.7 | $ | 82.0 | 11.2 | $ | 117.9 | |||||||||||||
Fixed Charges | 33.9 | 36.0 | 140.3 | 117.0 | 85.2 | 62.1 | 0.1 | 3.2 | ||||||||||||||||||||||||
Earnings | $ | 32.1 | $ | 17.2 | $ | 65.1 | $ | (237.8 | ) | $ | 491.9 | $ | 144.1 | $ | 11.3 | $ | 121.1 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||||
Interest expense (5) | $ | 33.5 | $ | 35.3 | $ | 139.6 | $ | 116.5 | $ | 84.5 | $ | 61.7 | $ | 0.1 | $ | 2.8 | ||||||||||||||||
Interest component of rental expense | 0.4 | 0.3 | 0.7 | 0.5 | 0.7 | 0.4 | — | 0.4 | ||||||||||||||||||||||||
Total fixed charges | 33.9 | 35.6 | 140.3 | 117.0 | 85.2 | 62.1 | 0.1 | 3.2 | ||||||||||||||||||||||||
Ratio of earning to fixed charges (6) | — | — | — | — | 5.8 | x | 2.3 | x | 107.7 | x | 38.2 | x | ||||||||||||||||||||
(1) | Earnings were insufficient to cover fixed charges by $2 million for the three months ended March 31, 2011. | |
(2) | Earnings were insufficient to cover fixed charges by $18 million for the three months ended March 31, 2010. | |
(3) | Earnings were insufficient to cover fixed charges by $75 million for the year ended December 31, 2010. | |
(4) | Earnings were insufficient to cover fixed charges by $355 million for the year ended December 31, 2009. | |
(5) | Interest expense includes original issue discount and amortization charges associated with debt issuance costs. | |
(6) | Certain ratios may not recompute due rounding differences. |