EX-12 3 dex12.txt STATEMENTS RE: COMPUTATION OF RATIOS EXHIBIT 12 GENESEE & WYOMING INC. Computation of Ratios Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in Thousands)
Nine Months Fiscal Years Ended December 31, Ended --------------------------------------- September 30, 1996 1997 1998 1999 2000 2001 - ------- ------- ------- ------- ------- ------------- Fixed Charges Interest Expenses...................... $ 4,720 $ 3,349 $ 7,071 $ 8,462 $11,233 $ 7,537 Interest Portion of Rental Expense (a). 636 1,384 3,269 3,458 3,867 3,375 ------- ------- ------- ------- ------- ------- Total Fixed Charges............. $ 5,356 $ 4,733 $10,340 $11,920 $15,100 $10,912 Preferred Stock Dividends (b).......... -- -- -- -- 52 708 ------- ------- ------- ------- ------- ------- Combined Fixed Charges and Preferred Stock Dividends..... $ 5,356 $ 4,733 $10,340 $11,920 $15,152 $11,620 ======= ======= ======= ======= ======= ======= Earnings (c): Income before Income Taxes, Equity Earnings and Extraordinary Item...... $ 9,925 $13,439 $19,787 $15,588 $24,090 $13,096 Minority Interest Expense.............. -- -- -- 50 40 198 Fixed Charges.......................... 5,356 4,733 10,340 11,920 15,100 10,912 Distributions of Earnings from Unconsolidated Affiliates (d)........ -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- Total Earnings.................. $15,281 $18,172 $30,127 $27,558 $39,230 $24,206 ======= ======= ======= ======= ======= ======= Ratio of Earnings to Fixed Charges..... 2.9 3.8 2.9 2.3 2.6 2.2 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends. 2.9 3.8 2.9 2.3 2.6 2.1
-------- (a) Determined as approximately 45% of rental obligations. (b) The Company initially issued preferred stock in December 2000. (c) In 1998, the Company recorded $6.0 million gain from insurance proceeds and, in 2000 and during the nine months ended September 20, 2001, the Company recorded gains related to the sale of a 50% equity interest in its Australian operations of $10.1 million and $3.7 million, respectively. The 2000 gain was partially offset by a $4.0 million charge for the buyout of Australian stock options from employees of its Australian subsidiary, Australian Southern Railroad, prior to its partial sale. (d) None to date.