CLARK REFINING & MARKETING, INC. AND SUBSIDIARY
Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Six Months Ended
Year Ended December 31, June 30,
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1993 1994 1995 1996 1997 1997 1998
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Earnings Available for Fixed Charges
Pretax earnings from continuing
operations $ 855 $27,806 ($41,200) ($52,441) ($26,278) $12,162 ($20,396)
Fixed charges 43,205 44,690 50,827 54,956 61,366 28,085 30,601
Capitalized interest (2,776) (2,409) (1,404) (1,033) (1,392) (647) (993)
Other (a) 197 (468) (1,413) (136) (1,289) (120) 1,621
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$41,481 $69,619 $6,810 $1,346 $32,407 $39,480 $10,833
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Fixed Charges
Gross interest expense (b) $42,072 $42,157 $47,394 $49,455 $55,729 $24,904 $27,790
Interest factor attributable to rent
expense 1,133 2,533 3,433 5,501 5,637 3,181 2,811
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$43,205 $44,690 $50,827 $54,956 $61,366 $28,085 $30,601
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Ratio of Earnings to Fixed Charges 0.96 1.56 0.13 0.02 0.53 1.41 0.35
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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.
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Coverage of FC by Earnings ($1,724) $24,929 ($44,017) ($53,610) ($28,959) $11,395 ($19,768)