EXHIBIT 12
PENHALL INTERNATIONAL INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
1994 1995 1996 1997 1998
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Earnings before income taxes.............. $ 6,647,000 $ 8,315,000 $ 8,623,000 $ 9,864,000 $ 5,232,000
Fixed charges--interest expense........... $ 399,000 $ 623,000 $ 919,000 $ 947,000 $ 1,204,000
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$ 7,046,000 $ 8,938,000 $ 9,542,000 $ 10,811,000 $ 6,436,000
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Ratio of Earnings to Fixed Charges........ 17.7 to 1 14.3 to 1 10.4 to 1 11.4 to 1 5.3 to 1