Exhibit 12.1
Carpenter Technology Corporation
Computation of Ratios of Earnings to Fixed Charges Calculations
(dollars in millions)
| Nine Months Ended | Year Ended June 30, | |||||||||||||||||||||||
|
| March 31,
2011 |
| ||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest costs(a) | $ | 13.3 | $ | 18.8 | $ | 20.1 | $ | 22.8 | $ | 23.3 | $ | 23.6 | ||||||||||||
Interest component of non-capitalized lease rental expense(b) | 1.6 | 2.3 | 2.1 | 2.2 | 3.0 | 1.8 | ||||||||||||||||||
Total fixed charges | $ | 14.9 | $ | 21.1 | $ | 22.2 | $ | 25.0 | $ | 26.3 | $ | 25.4 | ||||||||||||
Earnings as defined: | ||||||||||||||||||||||||
Income before income taxes | $ | 54.2 | $ | 4.7 | $ | 63.0 | $ | 297.3 | $ | 312.0 | $ | 291.4 | ||||||||||||
Less income from less-than-fifty-percent owned entities, and loss on sale of partial interest in less-than-fifty percent owned entities | (1.5 | ) | (1.0 | ) | 0.1 | (1.1 | ) | (1.2 | ) | (1.6 | ) | |||||||||||||
Fixed charges less interest capitalized | 14.5 | 20.1 | 18.2 | 22.7 | 25.8 | 25.1 | ||||||||||||||||||
Amortization of capitalized interest | 2.0 | 2.8 | 2.5 | 2.5 | 2.5 | 2.5 | ||||||||||||||||||
Earnings as defined | $ | 69.2 | $ | 26.6 | $ | 83.8 | $ | 321.4 | $ | 339.1 | $ | 317.4 | ||||||||||||
Ratio of earnings to fixed charges | 4.6x | 1.3x | 3.8x | 12.9x | 12.9x | 12.5x | ||||||||||||||||||
| (a) | Includes interest capitalized relating to significant construction projects, and amortization of debt discount and debt issue costs. |
| (b) | One-third of rental expense which approximates the interest component of non-capitalized leases. |
