EXHIBIT 12.1 ------------ EVERGREEN HOLDINGS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- (in thousands) For the years ending February 28, Three Months Ended 1999 2000 2001 2002 2003 May 31, 2003 ---- ---- ---- ---- ---- ------------ Pre-tax income (loss) from continuing operations before adjustment for minority interests & extraordinary Items $ 26,953 $ 12,006 $ 37,259 $ (17,975) $ 52,573 $ 1,057 ========== ========== ========== ============ ========== ============== Fixed charges: Interest expense 37,812 37,014 41,834 29,817 26,472 8,979 Amortized debt issuance costs 5,040 4,430 4,627 4,480 4,104 778 Rental expense - 33% 5,617 6,689 4,099 9,583 11,049 3,101 ---------- ---------- ---------- ------------ ---------- -------------- Total fixed charges $ 48,469 $ 48,133 $ 50,560 43,880 $ 41,625 $ 12,858 Pre-tax income (loss) from continuing operations before adjustment for minority interests & extraordinary Items plus fixed charges $ 75,422 $ 60,139 $ 87,819 25,905 $ 94,198 $ 13,915 ========== ========== ========== ============ ========== ============== Ratio of earnings to fixed charges 1.5 1.2 1.7 (a) 2.1 1.1 (a) Due to the registrant's loss in 2002, the ratio of coverage was less than 1:1. The registrant must generate additional earnings of $17,975 to achieve coverage of 1:1.