EXHIBIT 12.1 CHEMICAL LEAMAN CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS (DOLLARS IN THOUSANDS) SIX MONTHS ENDED YEAR ENDED DECEMBER 31, ------------------- ------------------------------------------ JUNE 30, JUNE 29, 1992 1993 1994 1995 1996 1996 1997 ------ ------ ------ ------ ------ -------- -------- Earnings: Earnings (loss) before income taxes and extraordinary items.................... $2,093 $ 910 $1,775 $ 551 ($ 116) $ 664 ($2,931) Fixed Charges............................ 4,936 4,753 5,604 6,512 8,596 3,531 5,095 ------ ------ ------ ------ ------ ------ ------- Earnings(1)................................ $7,029 $5,663 $7,379 $7,063 $8,480 $4,195 $ 2,164 ====== ====== ====== ====== ====== ====== ======= Fixed Charges: Interest Expense......................... 4,278 4,016 4,946 5,978 7,553 3,092 4,515 Preferred Dividend Requirements.......... 65 195 325 262 592 270 297 Imputed interest on operating lease obligations expense interest........... 593 542 333 272 452 169 284 ------ ------ ------ ------ ------ ------ ------- Fixed charges(2)........................... $4,936 $4,753 $5,604 $6,512 $8,596 $3,531 $ 5,095 ====== ====== ====== ====== ====== ====== ======= Ratio of earnings to fixed charges(1)/(2)........................... 1.42 1.19 1.32 1.08 N/A 1.19 N/A ====== ====== ====== ====== ====== ====== ======= Deficiency of earnings available to cover fixed charges............................ N/A N/A N/A N/A $ 116 N/A $2,931 ====== ====== ====== ====== ====== ====== =======