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EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
THREE MONTHS ENDED
MARCH 31 YEAR ENDED DECEMBER 31
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PRO PRO
FORMA HISTORICAL FORMA HISTORICAL
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1998 1998 1997 1997 1997 1996 1995 1994 1993
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Income before provision for income taxes
and minority interest per statement of
consolidated operations.................. 15,867 12,233 5,981 49,099 42,297 17,061 5,113 (21,110) 7,599
Adjusted for:
Unconsolidated Subsidiaries.............. 147 147 (963) (1,411) (1,411) (636) (65) (3,409) (6,000)
Lease payment for San Angelo
manufacturing and storage facility not
included in income..................... (537) (537) (537) (2,148) (2,148) (2,148) (2,148) (2,148) (2,148)
Provision for leasehold impairment of the
lease for San Angelo manufacturing and
storage facility....................... 0 0 0 0 0 0 0 23,551 0
Add
Portion of rents representative of the
interest factor (including San Angelo
manufacturing and storage facility).... 690 671 555 2,805 2,738 2,354 2,343 2,240 1,846
Interest on indebtedness................. 3,511 1,614 743 15,399 3,848 2,691 1,748 263 508
Amortization of debt expense and
premium................................ 416 149 42 1,035 440 102 63 11 0
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Income as adjusted................... 20,094 14,277 5,821 64,779 45,764 19,424 7,054 (602) 1,805
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Fixed Charges
Interest on indebtedness
PESCO (including consolidated
subsidiaries)...................... 3,511 1,614 743 15,399 3,848 2,691 1,748 242 508
Unconsolidated Subsidiaries.......... 0 0 0 0 0 0 0 21 0
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(A) 3,511 1,614 743 15,399 3,848 2,691 1,748 263 508
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Amortization of debt expense and
premium................................ (B) 416 149 42 1,035 440 102 63 11 0
Capitalized interest (including
unconsolidated subsidiary)............. (C) 61 61 0 44 44 0 114 163 0
Rents
PESCO (including consolidated
subsidiaries and San Angelo
manufacturing facility)............ 2,071 2,014 1,666 8,415 8,215 7,063 7,030 6,720 5,537
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Portion of rents representative of
interest factor.................... (D) 690 671 555 2,805 2,738 2,354 2,343 2,240 1,846
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Fixed Charges (A+B+C+D).................. 4,678 2,495 1,340 19,283 7,070 5,147 4,268 2,677 2,354
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Ratio of Earnings to Fixed Charges....... 4.30 5.72 4.34 3.36 6.47 3.77 1.65 -- (1) 0.77
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(1) In the year ended December 31, 1994, earnings (following a significant
one-time non-cash charge for leasehold impairment) were inadequate to cover
fixed charges by $3.3 million.