Exhibit 12.1
FLOWSERVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year ended December 31, | Six months ended June | |||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 30, 2012 | |||||||||||||||||||
| (Amounts in thousands, except ratios) | ||||||||||||||||||||||||
Earnings before income taxes and noncontrolling interest | $ | 362,042 | $ | 592,940 | $ | 584,791 | $ | 530,277 | $ | 587,755 | $ | 277,123 | ||||||||||||
Equity adjustments: | ||||||||||||||||||||||||
Deduct undistributed income from affiliates | (11,114 | ) | (7,780 | ) | (3,877 | ) | (10,350 | ) | (5,200 | ) | (7,512 | ) | ||||||||||||
Less noncontrolling interest of subsidiaries that have not incurred fixed charges | (742 | ) | (1,185 | ) | (251 | ) | (173 | ) | (482 | ) | (168 | ) | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest, including amortization of debt issuance costs | 60,119 | 51,293 | 40,005 | 34,301 | 36,181 | 17,731 | ||||||||||||||||||
Interest portion of rental expense(1) | 18,568 | 21,529 | 22,197 | 22,359 | 23,561 | 12,025 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 78,687 | 72,822 | 62,202 | 56,660 | 59,742 | 29,756 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings before income taxes and fixed charges | $ | 428,873 | $ | 656,797 | $ | 642,865 | $ | 576,414 | $ | 641,815 | $ | 299,199 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 5.5x | 9.0x | 10.3x | 10.2x | 10.7x | 10.1x | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| (1) | Interest portion of rental expense represents one-third of rental expense, which we deem to be a reasonable approximation of the interest factor. |
