Exhibit 12.1
Olympic Steel, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Income (loss) before taxes | $ | 10,139 | $ | 37,485 | $ | 3,797 | $ | (99,544 | ) | $ | 108,098 | |||||||||
Add: | ||||||||||||||||||||
Amortization of previously capitalized interest | 86 | 86 | 86 | 80 | 37 | |||||||||||||||
Interest (including capitalized interest) | 8,357 | 5,953 | 2,305 | 2,275 | 1,580 | |||||||||||||||
Interest portion of rental expense | 92 | 108 | 141 | 152 | 262 | |||||||||||||||
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Total additions | 8,535 | 6,147 | 2,532 | 2,507 | 1,879 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Capitalized interest | — | — | — | (58 | ) | (432 | ) | |||||||||||||
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Total earnings (loss) | 18,674 | 43,632 | 6,329 | (97,095 | ) | 109,545 | ||||||||||||||
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Capitalized interest | — | — | — | 58 | 432 | |||||||||||||||
Interest and other expense on debt | 8,357 | 5,953 | 2,305 | 2,217 | 1,148 | |||||||||||||||
Interest portion of rental expense | 92 | 108 | 141 | 152 | 262 | |||||||||||||||
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Fixed charges | 8,449 | 6,061 | 2,446 | 2,427 | 1,842 | |||||||||||||||
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Ratio of earnings to fixed charges (1) | 2.2x | 7.2x | 2.6x | — | 59.5x | |||||||||||||||
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| (1) | Earnings were insufficient to cover fixed charges by approximately $99.6 million for the year ended December 31, 2009; accordingly, no ratio is presented for such period. |
