EX-12.1 5 a2136813zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

Atlantic Express Transportation Corp.

Computation of Ratio of Earnings to Fixed Charges(1)

 
  Year ended
June 30, 1999(3)

  Year ended
June 30, 2000(3)

  Year ended
June 30, 2001

  Year ended
June 30, 2002

  Year ended
June 30, 2003

  Year ended
June 30, 2004

Earnings                                    
  Income (loss) before income taxes and discontinued operations   $ (4.5 ) $ (5.0 ) $ (11.3 ) $ (43.9 ) $ (16.0 ) $ 58.4
  Plus: fixed charges     18.3     22.3     25.1     25     13.1     25.4
   
 
 
 
 
 
    $ 13.8   $ 17.3   $ 13.8   $ (18.9 ) $ (2.9 ) $ 83.8
   
 
 
 
 
 
Fixed Charges                                    
  Interest charges(2)   $ 18.1   $ 22.1   $ 24.6   $ 24.3   $ 12.9   $ 25.2
  Plus interest factor in operating rent expense     0.2     0.2     0.5     0.7     0.2     0.2
   
 
 
 
 
 
    $ 18.3   $ 22.3   $ 25.1   $ 25.0   $ 13.1   $ 25.4
   
 
 
 
 
 
Ratio of earnings to fixed charges (excess of fixed charges over earnings)   $ (4.5 ) $ (5.0 ) $ (11.3 ) $ (43.9 ) $ (16.0 ) $ 3.30x
   
 
 
 
 
 

(1)
The calculation excludes certain contractual interest of $11.8 million and $6.5 million, as those amounts were not recorded as interest for the year ended June 30, 2003 and June 30, 2004, respectively, in the financial statements.

(2)
Interest charges include interest paid or accrued and the amortization of debt discount and debt related finance costs. There is no capitalized interest.

(3)
Unaudited periods.



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Atlantic Express Transportation Corp.