BLUE BIRD CORPORATION AND SUBSIDIARIES BLUE BIRD BODY COMPANY AND SUBSIDIARIES STATEMENTS RE: COMPUTATION OF EARNINGS TO FIXED CHARGES FOR THE NINE MONTHS ENDED JULY 27, 1996 AND JULY 29, 1995, FOR THE YEARS ENDED OCTOBER 28, 1995, OCTOBER 29, 1994, AND OCTOBER 30, 1993, FOR THE SIX MONTHS ENDED OCTOBER 31, 1992 AND APRIL 30, 1992, AND FOR THE YEAR ENDED NOVEMBER 2, 1991 (In Thousands Except Ratios) BBC Predecessor -------------------------------------------------------------------------------- ----------------------- July 27, July 29, October 28, October 29, October 30, October 31, April 30, November 2, 1996 1995 1995 1994 1993 1992 1992 1991 ------- -------- ----------- ----------- ----------- ----------- --------- ----------- FIXED CHARGES: Interest Expense $11,270 $12,339 $16,282 $15,224 $15,973 $ 8,443 $ 1,745 $ 4,344 Interest element of rentals 348 414 536 521 448 178 198 413 Amortization of debt issuance costs 1,526 1,666 2,245 2,209 2,202 1,104 4 0 ------- ------- ------- ------- ------- ------- ------- ------- $13,144 $14,419 $19,063 $17,954 $18,623 $ 9,725 $ 1,947 $ 4,757 ======= ======= ======= ======= ======= ======= ======= ======= EARNINGS: Net income (loss) $ 9,216 $ 6,704 $16,852 $15,408 $ 9,595 $ 3,686 $(3,466) $26,596 Provision (benefit) for income taxes 5,997 4,929 11,686 10,157 6,930 4,257 (3,026) 12,136 Fixed charges 13,144 14,419 19,063 17,954 18,623 9,725 1,947 4,757 Interest capitalized 0 (208) (208) (145) 0 (4) 0 (82) ------- ------- ------- ------- ------- ------- ------- ------- $28,357 $25,844 $47,393 $43,374 $35,148 $17,664 $(4,545) $43,407 ======= ======= ======= ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 2.2x 1.8x 2.5x 2.4x 1.9x 1.8x * 9.1x ======= ======= ======= ======= ======= ======= ======= ======= * Earnings are inadequate to cover fixed charges by approximately $6,500