Exhibit 12.1
Carpenter Technology Corporation
Computation of Ratios of Earnings to Fixed Charges — unaudited
(dollars in millions)
| Six Months Ended December 31, | Year Ended June 30, | |||||||||||||||||||||||
| 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest costs(a) | $ | 11.9 | $ | 25.0 | $ | 17.6 | $ | 18.8 | $ | 20.1 | $ | 22.8 | ||||||||||||
Interest component of non-capitalized lease rental expense(b) | 2.0 | 3.3 | 2.4 | 2.3 | 2.1 | 2.2 | ||||||||||||||||||
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Total fixed charges | $ | 13.9 | $ | 28.3 | $ | 20.0 | $ | 21.1 | $ | 22.2 | $ | 25.0 | ||||||||||||
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Earnings as defined: | ||||||||||||||||||||||||
Income before income taxes | $ | 72.7 | $ | 188.6 | $ | 87.8 | $ | 4.7 | $ | 63.0 | $ | 297.3 | ||||||||||||
Less income from less-than-fifty-percent owned entities, and gain on sale of partial interest in less-than-fifty percent owned enities | (1.3 | ) | (0.6 | ) | (2.6 | ) | (1.0 | ) | 0.1 | (1.1 | ) | |||||||||||||
Noncontrolling interest in the income of subsidiary with fixed charges | (0.5 | ) | (0.4 | ) | (0.7 | ) | — | — | — | |||||||||||||||
Fixed charges less interest capitalized | 11.6 | 27.1 | 19.5 | 20.1 | 18.2 | 22.7 | ||||||||||||||||||
Amortization of capitalized interest | 0.7 | 1.8 | 2.6 | 2.8 | 2.5 | 2.5 | ||||||||||||||||||
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Earnings as defined | $ | 83.2 | $ | 216.5 | $ | 106.6 | $ | 26.6 | $ | 83.8 | $ | 321.4 | ||||||||||||
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Ratio of earnings to fixed charges | 6.0x | 7.7x | 5.3x | 1.3x | 3.8x | 12.9x | ||||||||||||||||||
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| (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. |