EXHIBIT 12.2
HOLLY CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended For Fiscal Years Ending July 31,
April 30, -----------------------------------------------------------------
------------------- 2002 2001 2000 1999 1998
2003 2002 Fiscal Fiscal Fiscal Fiscal Fiscal
------- ------- ----------- ---------- ---------- -------- --------
(In thousands)
Fixed Charges:
Interest, expense, net per F/S $ 1,224 $ 2,320 $ 2,953 $ 4,980 $ 5,914 $ 7,790 $ 8,371
Add back interest income -- -- -- -- -- -- --
Capitalized interest $ 1,545 $ 804 1,138 894 571 -- --
------- ------- --------- --------- --------- --------- ---------
Interest Expense (a) $ 2,769 $ 3,124 4,091 6,485 5,874 7,790 8,371
Rent Expense $ 4,354 $ 4,340 6,894 6,359 7,131 7,165 7,165
Portion of rent that is interest 33% 33% 33% 33% 33% 33% 33%
------- ------- --------- --------- --------- --------- ---------
Interest component of leases (b) $ 1,437 $ 1,432 2,298 2,120 2,377 2,388 2,388
Total fixed charges $ 4,206 $ 4,556 6,389 7,994 8,862 10,178 10,759
Earnings:
Pretax income (loss) from cont oper $49,034 $42,085 50,896 121,895 18,634 33,159 24,866
Add: Fixed Charges $ 4,206 $ 4,556 6,389 7,994 8,862 10,178 10,759
Less: Capitalized Interest $(1,545) $ (804) (1,138) (894) (571) -- --
------- ------- --------- --------- --------- --------- ---------
Earnings $51,695 $45,837 $ 56,147 $ 128,995 $ 26,925 $ 43,337 $ 35,625
Ratio of Earnings/Fixed Charges 12.3 10.1 8.800 16.100 3.000 4.300 3.300
$ Amount of Deficiency -- -- -- -- -- -- --
(a) Interest expense includes both expensed and capitalized.
(b) Interest component of leases includes one-third of rental expense, which
approximates the interest component of operating leases.