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EXHIBIT 12.1
AMERICAN ECO CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
The following illustrates the computation of the historical ratio of
earnings to fixed charges:
PRO FORMA
TWELVE THREE MONTHS ENDED
FISCAL YEAR ENDED NOVEMBER 30, MONTHS FEBRUARY 28,
----------------------------------------------------- ENDED ---------------------------
PRO FORMA FEBRUARY 28, PRO FORMA
1993 1994 1995 1996 1997 1997 1998 1997 1998 1998
---- ------ ------ ------ ------- --------- ------------ ------ ------ ---------
Pretax income............... $375 $1,008 $3,060 $7,954 $19,264 $18,215 $18,197 $3,545 $3,321 $3,222
Fixed charges............... 255 723 773 1,926 5,157 6,206 6,353 460 813 912
---- ------ ------ ------ ------- ------- ------- ------ ------ ------
Total earnings...... $630 $1,731 $3,833 $9,880 $24,421 $24,421 $24,550 $4,005 $4,134 $4,134
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Interest expense............ 229 681 713 1,747 4,946 5,995 6,134 415 760 859
Rental expense.............. 26 42 60 179 211 211 219 45 53 53
---- ------ ------ ------ ------- ------- ------- ------ ------ ------
Total fixed
charges........... $255 $ 723 $ 773 $1,926 $ 5,157 $ 6,206 $ 6,353 $ 460 $ 813 $ 912
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Ratio of Earnings to Fixed
Charges................... 2.5 2.4 5.0 5.1 4.7 3.9 3.9 8.7 5.1 4.5
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