EXHIBIT 12.1
THE SHAW GROUP INC.
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES PLUS
PREFERRED DIVIDENDS
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<Caption>
Three
Months
Ended
November 30, Years Ended August 31,
------------ --------------------------------------------
2003 2003 2002 2001 2000 1999
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EARNINGS
Pretax income (loss) before earnings (losses) from unconsolidated
entities and cumulative effect of changes in
accounting principle (74,830) 35,590 151,012 99,679 44,995 26,075
Fixed charges (computed below) 14,414 47,636 42,918 24,813 11,937 10,916
Cash distributions from unconsolidated entities -- 458 2,208 -- -- --
Interest capitalized (30) (220) (364) (363) -- --
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Total earnings(A) (60,446) 83,464 195,774 124,129 56,932 36,991
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FIXED CHARGES
Interest expensed(1) 10,531 32,043 23,028 16,061 9,109 9,270
Interest capitalized 30 220 364 363 -- --
Estimate of interest in rent expense 3,853 15,373 19,526 8,389 2,828 1,646
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Total fixed charges(B) 14,414 47,636 42,918 24,813 11,937 10,916
Preferred dividends -- -- -- -- -- --
------- ------ ------- ------- ------ ------
Total combined fixed charges plus preferred dividends(C) 14,414 47,636 42,918 24,813 11,937 10,916
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RATIO OF EARNINGS TO FIXED CHARGES (A) DIVIDED BY (B) --(2) 1.8 4.6 5.0 4.8 3.4
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES PLUS PREFERRED
DIVIDENDS (A) DIVIDED BY (C) --(2) 1.8 4.6 5.0 4.8 3.4
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(1) Includes amortization of debt discount and deferred financing costs.
(2) For the three months ended November 30, 2003, the ratio of earnings to
fixed charges and the ratio of earnings to combined fixed charges plus
preferred dividends were less than one-to-one due to a deficiency of
approximately $74.9 million.
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