Exhibit 12.1
Giant Industries, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
Year Ended December 31,
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2003 2002 2001 2000 1999
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Earnings:
Earnings (Loss) from Continuing Operations $ 12,337 $(11,099) $ 13,845 $ 7,858 $ 10,615
Provision (Benefit) for Income Taxes 7,971 (7,477) 8,702 3,820 5,743
Fixed Charges 45,594 39,729 27,719 28,130 28,221
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Subtotal 65,902 21,153 50,266 39,808 44,579
Less: Interest Capitalized -- -- -- 62 183
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Earnings Available for Fixed Charges $ 65,902 $ 21,153 $ 59,266 $ 39,746 $ 44,396
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Fixed Charges:
Interest Expensed and Capitalized $ 38,645 $ 34,426 $ 24,135 $ 24,458 $ 24,176
Amortized Financing Fees 4,696 3,256 764 -- --
Interest Estimate Within Rental Expense 2,253 2,047 2,820 3,672 4,045
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Total Fixed Charges $ 45,594 $ 39,729 $ 27,719 $ 28,130 $ 28,221
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Deficiency N/A $ 18,576 N/A N/A N/A
Ratio of Earnings to Fixed Charges 1.45 0.53 1.81 1.41 1.57