1 EXHIBIT 12.1 THE J. H. HEAFNER COMPANY, INC. STATEMENT REGARDING: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (AMOUNTS IN THOUSANDS, EXCEPT RATIO AMOUNTS) THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------ ------------------------------ SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 1998 1997 1998 1997 ------------- ------------- ------------- ------------- (UNAUDITED) (UNAUDITED) Consolidated pretax income (loss) from continuing operations................ 677 932 (1,436) 817 Interest............................... 4,042 1,170 8,328 2,842 Increase in value of warrants.......... -- -- 9,906 -- Interest portion of rent expense....... 2,151 1,017 4,391 1,943 Preferred stock dividend requirements of majority-owned subsidiaries....... -- -- -- -- ----- ----- ------ ----- Earnings............................... 6,870 3,119 21,189 5,602 ===== ===== ====== ===== Interest............................... 4,042 1,170 8,328 2,842 Increase in value of warrants.......... -- -- 9,906 -- Interest portion of rent expense....... 2,151 1,017 4,391 1,943 Preferred stock dividend requirements of majority-owned.................... -- -- -- -- ----- ----- ------ ----- Fixed Charges.......................... 6,193 2,187 22,625 4,785 ===== ===== ====== ===== Ratio of Earnings to Fixed Charges..... 1.11 1.43 -- 1.17 ===== ===== ====== =====