EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
TEXAS INDUSTRIES, INC. AND SUBSIBIARIES
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| | | | Nine Months ended | | | | | |
| | | | February 28, | | | February 29, | | | | Year Ended May 31, | |
In thousands except ratios | | | 2005 | | | 2004 | | | | 2004 | | | 2003 | | | | 2002 | | | 2001 | | | | 2000 | |
|
|
Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing
operations before income taxes
and changes in accounting principles | | $ | 122,615 | | $ | (78 | ) | | $ | 51,545 | | $ | (40,391 | ) | | $ | 72,550 | | $ | 37,571 | | | $ | 103,974 | |
Fixed charges | | | 58,085 | | | 62,419 | | | | 82,287 | | | 53,730 | | | | 62,367 | | | 73,247 | | | | 63,727 | |
Amortization of capitalized interest | | | 2,106 | | | 2,106 | | | | 2,808 | | | 2,808 | | | | 2,808 | | | 1,708 | | | | 1,424 | |
Less: Interest capitalized | | | -- | | | -- | | | | -- | | | -- | | | | -- | | | (15,601 | ) | | | (12,705 | ) |
| | |
|
| |
|
|
| |
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Adjusted earnings | | $ | 182,806 | | $ | 64,447 | | | $ | 136,640 | | $ | 16,147 | | | $ | 137,725 | | $ | 96,925 | | | $ | 156,420 | |
| | |
|
| |
|
|
| |
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
| | | | | | | |
Fixed charges | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 50,807 | | $ | 53,244 | | | $ | 70,608 | | $ | 42,080 | | | $ | 49,334 | | $ | 45,376 | | | $ | 41,220 | |
Interest capitalized | | | -- | | | -- | | | | -- | | | -- | | | | -- | | | 15,601 | | | | 12,705 | |
Net amortization of debt discount, premium and issuance expense | | | 1,116 | | | 2,640 | | | | 3,090 | | | 3,802 | | | | 4,346 | | | 2,685 | | | | 2,523 | |
Interest portion of rent expense | | | 6,162 | | | 6,535 | | | | 8,589 | | | 7,848 | | | | 8,687 | | | 9,585 | | | | 7,279 | |
| | |
|
| |
|
|
| |
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total fixed charges | | $ | 58,085 | | $ | 62,419 | | | $ | 82,287 | | $ | 53,730 | | | $ | 62,367 | | $ | 73,247 | | | $ | 63,727 | |
| | |
|
| |
|
|
| |
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
| | | | | | | |
Ratio of earnings to fixed charges | | | 3.15 | | | 1.03 | | | | 1.66 | | | .30 | | | | 2.21 | | | 1.32 | | | | 2.45 | |
| | |
|
| |
|
|
| |
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
| | | | | | | |
Deficiency of earnings to cover fixed
charges | | $ | -- | | $ | -- | | | $ | -- | | $ | 37,583 | | | $ | -- | | $ | -- | | | $ | -- | |
| | |
|
| |
|
|
| |
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
