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EXHIBIT 12
PEN HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Three Months Ended
Year Ended December 31, March 31,
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1993 1994 1995 1996 1997 1997 1998
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Income from continuing
operations before income
taxes....................... $13,225 $ 9,821 $ 4,198 $ 5,596 $ 9,748 $ 727 $1,384
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Add:
Fixed Charges, Excluding
Capitalized Interest........ 5,037 6,934 11,168 9,589 9,051 2,440 1,936
Equity and Net Loss
(Income) affiliate.......... 230 102 12 206 (10) 244 464
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Net Earnings Available
for Fixed Charges........... $18,492 $16,857 $15,378 $15,391 $18,789 $3,411 $3,784
Fixed Charges:
Interest Expense......... 4,395 6,173 10,340 9,186 7,906 2,170 1,746
Capitalized Interest..... -- -- -- -- 97 -- 231
Amortization of Debt
Issuance Costs.............. 65 174 434 308 933 248 124
Interest Portion of Rent
Expense..................... 577 587 394 95 212 22 66
Total Fixed Charges............ $ 5,037 $ 6,934 $11,168 $ 9,589 $ 9,148 $ 2,440 $ 2,167
Ratio of Earnings to Fixed
Charges..................... 3.67x 2.43x 1.38x 1.61x 2.05x 1.40x 1.75x
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