Covanta Energy Corporation
Ratio of Earnings to Fixed Charges and Preferred Share Dvidends
(000s)
6 Mos. Ended
June 2001 2000 1999 1998 1997 1996
EARNINGS
Income (Loss) from continuing operations 23,873 (85,621) (36,290) 37,248 36,787 39,081
Adjustments for:
Income taxes 16,764 (34,149) (6,917) 21,557 21,715 27,255
Minority interests 3,027 4,781 6,176 4,053 1,823 (1,083)
Equity income in equity investees (12,036) (24,088) (13,005) (19,340) (1,784) (3,569)
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31,628 (139,077) (50,036) 43,518 58,541 61,684
Fixed charges 82,227 162,319 154,433 154,331 150,199 154,609
Amortization of capitalized interest 1,100 2,199 2,199 2,199 2,199 2,199
Distributed income of equity investees 20,033 9,459 12,459 8,479 45,749 -
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Total 134,988 34,900 119,055 208,527 256,688 218,492
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Less:
Capitalized interest 1,639 2,285 3,158 2,590 1,775 485
Minority interest of subs w/o fixed charges 472 669 2,058 988
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Total Earnings 132,877 31,946 113,839 204,949 254,913 218,007
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FIXED CHARGES
Interest expense 20,738 44,843 35,487 32,597 29,661 30,715
Interest expense included in debt service 45,706 86,090 90,430 96,939 98,653 103,361
Amortization of bond issuance costs 2,982 7,204 6,564 7,616 6,997 7,201
Amortization of deferred financing costs :
OFS Equity co. 58 108 107 114 108 108
Ogden Energy 433 750 587 365
Capitalized interest 2,285 3,158 2,590 1,144
Capitalized interest included in debt service 1,639 631 485
Interest factor of operating lease expense:
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Rental expense 32,013 63,117 54,301 42,331 39,015 38,217
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1/3 of Rental expense 10,671 21,039 18,100 14,110 13,005 12,739
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TOTAL FIXED CHARGES 82,227 162,319 154,433 154,331 150,199 154,609
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PREFERRED DIVIDENDS 54 97 169 219 237 277
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TOTAL FIXED CHARGES & PREFERRED DIVIDENDS 82,281 162,416 154,602 154,550 150,436 154,886
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RATIO OF EARNINGS TO FIXED CHARGES 1.61597772 0.196809985 0.73714224 1.327982652 1.697168423 1.410053748
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS 1.614925586 0.196692773 0.736338776 1.326102212 1.69449321 1.407535333
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