Exhibit 12.1
CLARK REFINING & MARKETING, INC. AND SUBSIDIARY
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
YEAR ENDED DECEMBER 31,
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1991 1992 1993 1994 1995
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EARNINGS AVAILABLE FOR FIXED CHARGES
Pretax earnings $ 59,287 $ 2,949 $ 855 $27,806 $(41,200)
Fixed charges (a) 40,584 45,403 40,429 42,281 49,423
Other (b) 1,254 182 197 (468) (1,413)
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$101,125 $48,534 $41,481 $69,619 $ 6,810
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FIXED CHARGES
Gross interest expense (c) $ 41,581 $49,277 $42,072 $42,157 $ 47,394
Interest factor attributable
to rent expense 1,124 1,234 1,133 2,533 3,433
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$ 42,705 $50,511 $43,205 $44,690 $ 50,827
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RATIO OF EARNINGS TO FIXED CHARGES 2.37x 0.96x 0.96x 1.56x 0.13x
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(a) As adjusted for capitalized interest
(b) Represents the total of adjustments to recognize only distributed earnings
for less than 50% owned companies accounted for under the equity method
(c) Represents interest expense on long-term and short-term debt and
amortization of debt discount and debt issue costs