EXHIBIT 12.1
ISP CHEMCO INC.
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Thousands, except ratio data)
Year Ended December 31,
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1996 1997 1998 1999 2000
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Income from continuing operations before income taxes $112,562 $110,761 $ 37,757 $ 84,407 $151,562
Add:
Interest expense 41,894 55,125 56,006 59,217 62,802
Company's 50% share of joint venture income taxes 3,953 4,630 1,640 0 0
Company's 50% share of joint venture interest expense 5 31 0 0 0
Interest component of rental expense 2,900 3,233 5,033 5,767 5,967
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Earnings available for fixed charges $161,314 $173,780 $100,436 $149,391 $220,331
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Fixed charges:
Interest expense $ 41,894 $ 55,125 $ 56,006 $ 59,217 $ 62,802
Add:
Capitalized interest 191 974 2,309 1,090 751
Company's 50% share of joint venture interest expense 5 31 0 0 0
Interest component of rental expense 2,900 3,233 5,033 5,767 5,967
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Total fixed charges $ 44,990 $ 59,363 $ 63,348 $ 66,074 $ 69,520
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Ratio of earnings to fixed charges 3.59 2.93 1.59 2.26 3.17
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Six Months Ended Pro Forma
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July 2, July 1, Year Six Months Six Months
2000 2001 2000 2000 2001
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Income from continuing operations before income taxes $32,408 $50,965 $13,473 $27,222 $25,332
Add:
Interest expense 31,751 29,475 56,688 28,741 27,466
Company's 50% share of joint venture income taxes 0 0 0 0 0
Company's 50% share of joint venture interest expense 0 0 0 0 0
Interest component of rental expense 2,983 3,133 5,967 2,983 3,133
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Earnings available for fixed charges $67,142 $83,573 $76,128 $58,946 $55,931
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Fixed charges:
Interest expense $31,751 $29,475 $56,688 $28,741 $27,466
Add:
Capitalized interest 454 218 751 454 218
Company's 50% share of joint venture interest expense 0 0 0 0 0
Interest component of rental expense 2,983 3,133 5,967 2,983 3,133
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Total fixed charges $35,188 $32,826 $63,406 $32,178 $30,817
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Ratio of earnings to fixed charges 1.91 2.55 1.20 1.83 1.81
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