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Content analysis
?Positive | ||
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Constraining | ||
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8th grade Avg
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Exhibit 12
SOUTHWEST WATER COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIOS
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| Years Ended December 31, (1) |
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(In thousands, except for ratio data) |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Earnings: |
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Income (loss) from continuing operations before |
| $ | (4,225 | ) | $ | 15,397 |
| $ | 12,405 |
| $ | 7,841 |
| $ | 10,992 |
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Add: Fixed charges |
| 11,520 |
| 10,854 |
| 8,576 |
| 7,193 |
| 6,606 |
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Less: Interest capitalized |
| (926 | ) | (630 | ) | (689 | ) | (501 | ) | (535 | ) | |||||
Total earnings |
| $ | 6,369 |
| $ | 25,621 |
| $ | 20,292 |
| $ | 14,533 |
| $ | 17,063 |
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Fixed Charges: |
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Interest expense, including amortization of |
| $ | 7,696 |
| $ | 7,536 |
| $ | 6,501 |
| $ | 4,461 |
| $ | 4,181 |
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Interest capitalized |
| 926 |
| 630 |
| 689 |
| 501 |
| 535 |
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Interest component of rentals (1) |
| 2,898 |
| 2,688 |
| 1,386 |
| 2,231 |
| 1,890 |
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Total fixed charges |
| $ | 11,520 |
| $ | 10,854 |
| $ | 8,576 |
| $ | 7,193 |
| $ | 6,606 |
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Ratio of Earnings to Fixed Charges: |
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Ratio |
| — |
| 2.36x |
| 2.37x |
| 2.02x |
| 2.58x |
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Deficiency |
| $ | 5,151 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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(1) Reflects one-third of rental expense under operating leases considered to represent interest costs.