EXHIBIT 12.1
HENRY COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
FOR THE YEAR ENDED
DECEMBER 31, SIX MONTHS ENDED
1995 1996 1997 JUNE 30, 1997 JUNE 30, 1998
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EARNINGS:
Earnings (loss) before taxes $ (504) $ 72 $ 2,221 $ (1,182) $ 896
Add: Fixed Charges* 1,691 1,706 2,361 1,179 2,660
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$ 1,187 $ 1,778 $ 4,582 $ (3) $ 3,556
*FIXED CHARGES:
Interest expense $ 1,454 $ 1,475 $ 1,465 $ 731 $ 2,099
Interest on rent 237 231 896 448 561
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$ 1,691 $ 1,706 $ 2,361 $ 1,179 $ 2,660
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Ratio of Earnings
to Fixed Charges --(1) 1.0 1.9 -- (1) 1.3
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The ratios of earnings to fixed charges were computed by dividing earnings
by fixed charges. For this purpose, "earnings" consist of earnings before
taxes plus fixed charges and "fixed charges" consist of interest expense and
the portion of rents representative of an interest factor.
(1) Earnings were insufficient to cover fixed charges for these periods.