EXHIBIT 12.1
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)
| SIX MONTHS ENDED | |||||||||||||||||||||||||
| JUNE 30 | YEARS ENDED DECEMBER 31 | ||||||||||||||||||||||||
| 2003 | 2002 | 2001(a) | 2000(a) | 1999(a) | 1998(a) | ||||||||||||||||||||
| Pre-tax income from continuing operations (net of minority interest in net income) | $ | 56,409 | $ | 130,650 | $ | 113,195 | $ | 139,741 | $ | 135,528 | $ | 168,246 | |||||||||||||
| Add fixed charges computed below | 31,435 | 64,424 | 72,265 | 64,429 | 37,155 | 28,094 | |||||||||||||||||||
| Net adjustments for equity companies | 1,073 | (219 | ) | 2,747 | 3,749 | 365 | 139 | ||||||||||||||||||
| Net adjustments for capitalized interest | 27 | 121 | 152 | 125 | (535 | ) | (10 | ) | |||||||||||||||||
| Consolidated Earnings Available for Fixed Charges | $ | 88,944 | $ | 194,976 | $ | 188,359 | $ | 208,044 | $ | 172,513 | $ | 196,469 | |||||||||||||
| Consolidated Fixed Charges: | |||||||||||||||||||||||||
| Interest expense per financial statements (b) | $ | 20,526 | $ | 43,323 | $ | 53,190 | $ | 50,082 | $ | 26,939 | $ | 20,413 | |||||||||||||
| Interest expense capitalized | 28 | — | — | 2 | 893 | 128 | |||||||||||||||||||
| Portion of rentals (1/3) representing an interest factor | 10,881 | 20,972 | 19,075 | 14,345 | 9,323 | 7,553 | |||||||||||||||||||
| Interest expense for equity companies whose debt is guaranteed | — | 129 | — | — | — | — | |||||||||||||||||||
| Consolidated Fixed Charges | $ | 31,435 | $ | 64,424 | $ | 72,265 | $ | 64,429 | $ | 37,155 | $ | 28,094 | |||||||||||||
| Consolidated Ratio of Earnings to Fixed Charges | 2.83 | 3.03 | 2.61 | 3.23 | 4.64 | 6.99 | |||||||||||||||||||
| (a) | In order to comply with the Financial Accounting Standards Board (FASB) Statement No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” 2001, 2000, 1999 and 1998 information has been reclassified for comparative purposes. | |
| (b) | Includes amortization of debt discount and expense. |
