Exhibit 12.1
FLOWSERVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| (In thousands except ratios) | ||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests | $ | 422,196 | $ | 733,190 | $ | 693,021 | $ | 611,565 | $ | 587,755 | ||||||||||
Fixed charges | 88,440 | 84,205 | 79,172 | 67,704 | 59,742 | |||||||||||||||
Less: | ||||||||||||||||||||
Undistributed income from affiliates | (5,815 | ) | (6,704 | ) | (18,922 | ) | (8,523 | ) | (5,200 | ) | ||||||||||
Non-controlling interest in pretax income of subsidiaries that have not incurred fixed charges | (180 | ) | (297 | ) | (657 | ) | (515 | ) | (482 | ) | ||||||||||
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Adjusted earnings | $ | 504,641 | $ | 810,394 | $ | 752,614 | $ | 670,229 | $ | 641,815 | ||||||||||
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FIXED CHARGES: | ||||||||||||||||||||
Interest on indebtedness | $ | 65,270 | $ | 60,322 | $ | 54,413 | $ | 43,520 | $ | 36,181 | ||||||||||
Interest portion of rent expense | 23,170 | 23,883 | 24,759 | 24,184 | 23,561 | |||||||||||||||
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Total fixed charges | $ | 88,440 | $ | 84,205 | $ | 79,172 | $ | 67,704 | $ | 59,742 | ||||||||||
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Ratio of earnings to fixed charges | 5.7 | 9.6 | 9.5 | 9.9 | 10.7 | |||||||||||||||
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