152
Walnut Equipment Leasing Co., Inc.
Statement re: Computation of Ratios
Fiscal Years Ended April 30,
1996 1995 1994 1993 1992
----------- ----------- ----------- ----------- -----------
Rent Expense $ 209,397 $ 235,224 $ 226,711 $ 216,522 $ 220,264
x.30 (A) x.3 x.3 x.3 x.3 x.3
----------- ----------- ----------- ----------- -----------
Assumed Fixed Charges
Included in Rent Expense 62,819 70,567 68,013 64,957 66,079
Preferred Dividend
Requirements --- --- --- 2,193 2,809
Interest Expense (B) 4,971,065 4,434,655 4,214,376 3,754,765 3,304,793
----------- ----------- ----------- ----------- -----------
Total Fixed Charges 5,033,884 4,505,222 4,282,389 3,821,915 3,273,681
Less: Pre-Tax Loss (5,631,409) (5,064,166) (4,082,175) (3,864,576) (3,075,213)
----------- ----------- ----------- ----------- -----------
Pre-Tax Loss Plus
Fixed Charges --- --- 200,214 --- 298,468
Pre-Tax Loss Plus
Fixed Charges divided
by Fixed Charges (rounded) --- --- .05 --- .09
<FN>
(A) Assumed percentage of interest included in rental expense.
(B) Includes amortization of deferred registration costs related to the Company's offer and sale of senior and
subordinated debt in the amounts of $62,153, $54,904, $56,817, $56,857, and $47,261, charged to expense during the
fiscal years ended April 30, 1996, 1995, 1994, 1993, and 1992, respectively. ELCOA's amortization of deferred
registration costs related to its offer and sale of Demand, Fixed Rate and Money Market Thrift Certificates are also
included in the amounts of $64,380, $66,498, $63,370, $60,000, and $52,411, respectively, for the fiscal years ended
April 30, 1996, 1995, 1994, 1993, and 1992.