Exhibit No. 12
ICF KAISER INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Unaudited)
The computations of the ratio of earnings to fixed charges for the nine months
ended September 30, 1996 and 1995, for the ten months ended December 31, 1995,
and for the years ended February 28 or 29, 1995, 1994, 1993 and 1992 are set
forth below (in thousands except ratio). In the years ended February 29, 1992
and February 28, 1994, income from continuing operations before fixed charges
and income taxes (Earnings) were inadequate to cover fixed charges. The
deficiencies were $54.3 million and $12.9 million for the years ended February
29, 1992 and February 28, 1994, respectively.
Nine Months Ended Ten Months
September 30, Ended Year Ended February 28 or 29,
------------------------------ December 31, -----------------------------------------------
1996 1995 1995 1995 1994 1993
------------- -------------- -------------- -------------- --------------- ---------------
Income before income
taxes, minority interests,
and extraordinary item $ 9,285 $ 2,542 $ 6,303 $ 1,239 $ (12,877) $ 14,894
Less:
Minority interest of fifty-
percent-owned subsidiary (4,725) (1,315) (1,960) - - -
------------- -------------- -------------- -------------- --------------- ---------------
Income before income
taxes and extraordinary item
and after minority interest
of fifty-percent-owned
subsidiary 4,560 1,227 4,343 1,239 (12,877) 14,894
------------- -------------- -------------- -------------- --------------- ---------------
Fixed charges:
Interest expense 12,829 12,117 13,255 14,799 8,212 8,629
Interest factor in
rental expense 7,865 7,537 8,317 10,392 10,278 10,522
------------- -------------- -------------- -------------- --------------- ---------------
Total fixed charges 20,694 19,654 21,572 25,191 18,490 19,151
------------- -------------- -------------- -------------- --------------- ---------------
Earnings $ 25,254 $ 20,881 $ 25,915 $ 26,430 $ 5,613 $ 34,045
============= ============== ============== ============== =============== ===============
Earnings to fixed charges 1.2 1.1 1.2 1.0 N/A 1.8
============= ============== ============== ============== =============== ===============
Year Ended February 28 or 29,
----------------------------
1992
----------------------------
Income before income
taxes, minority interests,
and extraordinary item $ (54,310)
Less:
Minority interest of fifty-
percent-owned subsidiary -
--------------
Income before income
taxes and extraordinary item
and after minority interest
of fifty-percent-owned
subsidiary (54,310)
--------------
Fixed charges:
Interest expense 10,778
Interest factor in
rental expense 10,861
--------------
Total fixed charges 21,639
--------------
Earnings $ (32,671)
==============
Earnings to fixed charges N/A
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