EXHIBIT 12.1
MASSEY ENERGY COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Three Months
Ended
March 31, Year Ended Year Ended October 31,
--------- December 31, --------------------------
2003 2002 2002 2001 2000/(1)/ 1999 1998
---- ---- ---- ---- --------- ---- ----
(in millions, except ratios, per share amounts and operating data)
Earnings:
(Loss) Income before taxes .................... $(17,763) $(10,441) $(57,520) $(15,921) $ 121,766 $151,532 $185,699
Fixed charges ................................. 13,935 11,838 52,031 51,585 9,659 8,092 3,469
Amortization of capitalized interest .......... 5 - 5 - - - -
--------- --------- --------- --------- ---------- --------- ---------
(Loss) earnings before taxes and fixed
charges ................................... $ (3,824) $ 1,397 $ (5,866) $ 35,664 $ 131,425 $159,624 $189,168
Fixed charges:
Interest expense .............................. $ 9,238 $ 7,806 $ 35,684 $ 34,214 $ 347 $ 803 $ 514
Capitalized interest .......................... - - (382) - - - -
Interest portion of rental expense ............ 4,697 4,032 16,729 17,371 9,312 7,289 2,955
--------- --------- --------- --------- ---------- --------- ---------
Total fixed charges ......................... $ 13,935 $ 11,838 $ 52,031 $ 51,585 $ 9,659 $ 8,092 $ 3,469
Ratio of earnings to fixed charges .............. (a) (a) (a) (a) 13.6x 19.7x 54.5x
Two Months
Ended
December 31,
2001
----
Earnings:
(Loss) Income before taxes .................... $(23,524)
Fixed charges ................................. 7,971
Amortization of capitalized interest .......... -
---------
(Loss) earnings before taxes and fixed
charges ................................... $(15,553)
Fixed charges:
Interest expense .............................. $ 5,302
Capitalized interest .......................... -
Interest portion of rental expense ............ 2,669
---------
Total fixed charges ......................... $ 7,971
Ratio of earnings to fixed charges .............. (a)
(a) Earnings for the three-months ended March 31, 2003 and March 31, 2002,
for the years ended December 31, 2002 and October 31, 2001 and for the two
months ended December 31, 2001, were inadequate to cover fixed charges,
with a deficiency of $17.8 million, $10.4 million, $57.9 million, $15.9
million and $23.5 million, respectively.