CLARK USA, INC. AND SUBSIDIARIES
EXHIBIT 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30,
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1992 1993 1994 1995 1996 1996 1997
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Earnings Available for
Fixed Charges
Pretax earnings from
continuing operations $ 2,382 ($10,652) $11,793 ($58,977) ($69,284) ($46,616) $ 36,921
Fixed charges 50,792 58,994 62,469 70,894 96,816 72,382 74,642
Capitalized interest (5,108) (2,776) (2,409) (1,404) (1,033) (754) (972)
Other (a) 182 197 (468) (1,413) (136) (139) (103)
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$48,248 $45,763 $71,385 $ 9,100 $36,353 $24,873 $110,488
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Fixed Charges
Gross interest expense
(b) $49,444 $56,327 $58,389 $67,461 $91,309 $68,288 $ 70,394
Interest factor
attributable to rent
expense 1,348 2,667 4,100 3,433 5,507 4,094 4,248
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$50,792 $58,994 $62,469 $70,894 $96,816 $72,382 $ 74,642
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Ratio of Earnings to
Fixed Charges 0.95x 0.78x 1.14x 0.13x 0.38x 0.34x 1.48x
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(a) Represents adjustments to recognize only distributed earnings for less than
50% owned companies accounted for under the equity method.
(b) Represents interest expense on long-term and short-term debt and
amortization of debt discount and debt issue costs.