EXHIBIT 12.1
FLUOR CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
YEAR ENDED
OCTOBER 31, YEAR ENDED DECEMBER 31,
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2000 2001 2002 2003 2004
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Earnings from continuing operations
before income taxes $ 164,287 $ 185,320 $ 260,524 $ 267,981 $ 281,158
Add (subtract)
Equity in earnings from less than 50%
owned persons, net of distributions 220 6,408 (3,529) (114) (1,317)
Fixed charges 53,090 50,502 35,399 39,713 47,182
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Total $ 217,597 $ 242,230 $ 292,394 $ 307,580 $ 327,023
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Fixed charges
Interest expense $ 26,315 $ 25,011 $ 8,925 $ 10,109 $ 15,446
Portion of rental expense representative
of interest factor 26,775 25,491 26,474 29,604 31,736
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Total fixed charges(1) $ 53,090 $ 50,502 $ 35,399 $ 39,713 $ 47,182
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Ratio of earnings to fixed charges(1) 4.10x 4.80x 8.26x 7.75x 6.93x
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(1) For purposes of computing the ratio of earnings to fixed charges,
"earnings" consist of earnings from continuing operations before provision
for income taxes plus fixed charges less undistributed earnings from less
than 50% owned persons. "Fixed charges" consist of interest and
approximately one-third of rental expense.