NPK International (NPKI) 10-K2004 FY Annual report

Filed: 16 Mar 05, 12:00am

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Removed: chosen, commonly, diminish, effort, excluding, guaranty, herewith, implementation, integrate, MAR, open, opening, original, petition, planned, prescribed, prohibit, reissued, rented, representing, royalty, schedule, staffing

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EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges is as follows:


	Year Ended December 31,
	2004		2003		2002		2001		2000
			(In Thousands, Except Ratio)
Earnings:
Income before income taxes	$	7,673	$	4,537	$	7,681	$	49,833	$	17,315
Interest expense		14,797		15,251		12,286		15,438		19,077
Capitalized expenses related to indebtedness		746		442		617		651		373
Portion of rents representative of the interest factor		1,440		1,440		966		1,208		1,050

	$	24,656	$	21,670	$	21,550	$	67,130	$	37,815

Fixed Charges:
Interest expense, including amount capitalized		15,120		15,945		13,011		16,095		20,012
Capitalized expenses related to indebtedness		746		442		617		651		373
Portion of rents representative of the interest factor		1,440		1,440		966		1,208		1,050

	$	17,306	$	17,827	$	14,594	$	17,954	$	21,435


Ratio of earnings to fixed charges		1.42		1.22		1.48		3.74		1.76