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EXHIBIT 12.1
QUAKER STATE CORPORATION
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
SIX MONTHS
YEAR ENDED DECEMBER 31, ENDED JUNE 30,
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1994 1993 1992 1991 1990 1995 1994
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Interest expense.............. $ 5,115 $ 5,721 $ 4,785 $ 4,567 $ 5,172 $ 3,118 $ 2,403
Amortization of debt costs.... 44 44 9 -- -- 22 22
Interest Factor of rental
expense(1).................. 6,974 6,908 6,704 6,318 5,915 4,047 3,406
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Total fixed charges........... $12,133 $12,673 $11,498 $10,885 $11,087 $ 7,187 $ 5,831
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Income from continuing
operations before income
taxes....................... $15,668 $ 9,525 $ 901 $17,892 $20,685 $ (495) $ 8,353
Fixed charges................. 12,133 12,673 11,498 10,885 11,087 7,187 5,831
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Total earnings................ $27,801 $22,198 $12,399 $28,777 $31,772 $ 6,692 $14,184
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Ratio of earnings to fixed
charges..................... 2.3 1.8 1.1 2.6 2.9 0.9(2) 2.4
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(1) Interest factor of rental expense computed based on (a) average interest
factor from a sample of leases for operations representing in excess of 50%
of rentals from continuing operations, and (b) one-third factor of rentals
for other operations.
(2) Ratio is less than one due to earnings deficiency of $495 which is a result
of $15,800 restructuring charge recorded in the second quarter of 1995.