Exhibit 12.1
Olympic Steel, Inc.
Computation of Ratio of Earnings to Fixed Charges
| Three months ended March 31, 2016 | Year ended | |||||||||||||||||||||||
| (dollar amounts in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Income (loss) before taxes | $ | (1,255 | ) | $ | (33,594 | ) | $ | (16,114 | ) | $ | 12,924 | $ | 10,139 | $ | 37,485 | |||||||||
Add: | ||||||||||||||||||||||||
Amortization of previously capitalized interest | 1 | 5 | 11 | 11 | 85 | 85 | ||||||||||||||||||
Interest (including capitalized interest) | 1,285 | 5,690 | 6,780 | 6,703 | 8,357 | 5,953 | ||||||||||||||||||
Interest portion of rental expense | $ | 28 | $ | 86 | $ | 81 | $ | 78 | $ | 92 | $ | 108 | ||||||||||||
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Total additions | $ | 1,315 | $ | 5,781 | $ | 6,872 | $ | 6,792 | $ | 8,535 | $ | 6,147 | ||||||||||||
Deduct: | ||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
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Total earnings (loss) | $ | 60 | $ | (27,813 | ) | $ | (9,242 | ) | $ | 19,716 | $ | 18,674 | $ | 43,632 | ||||||||||
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Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Interest and other expense on debt | $ | 1,285 | $ | 5,690 | $ | 6,780 | $ | 6,703 | $ | 8,357 | $ | 5,953 | ||||||||||||
Interest portion of rental expense | 28 | 86 | 81 | 78 | 92 | 108 | ||||||||||||||||||
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Fixed charges | $ | 1,313 | $ | 5,776 | $ | 6,861 | $ | 6,781 | $ | 8,449 | $ | 6,061 | ||||||||||||
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Ratio of earnings to fixed charges(1) | — | — | — | 2.9 | 2.2 | 7.2 | ||||||||||||||||||
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| (1) | Earnings were insufficient to cover fixed charges for the years ended December 31, 2015 and 2014 and the three months ended March 31, 2016; accordingly, no ratio is presented for those periods. The deficiency in earnings to cover the fixed charges for the three months ended March 31, 2016 and the years ended December 31, 2015 and December 31, 2014 were $1,253, $33,589 and $16,103, respectively. |
