EX-12.1 43 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

GRAHAM PACKAGING HOLDINGS COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,     Six Months Ended
June 30,
 
     2005     2006     2007     2008     2009     2009     2010  
     (In thousands, except ratio data)  

(Loss) income from continuing operations before income taxes(1)

   $ (37,687   $ (92,309   $ (183,323   $ (34,379   $ 51,609      $ 64,422      $ 30,823   

Plus fixed charges:

              

Interest expense

     184,995        205,405        206,017        180,278        176,897        76,911        87,275   

Capitalized interest

     6,070        9,482        5,715        3,933        3,399        1,727        2,093   

Portion of rent expense representative of interest expense

     16,197        17,912        18,343        17,343        16,767        8,243        8,293   

Plus income from equity investee

     —          —          —          —          (4     —          (40

Plus amortization of capitalized interest

     1,464        2,254        2,777        2,663        2,830        1,333        1,414   

Less capitalized interest

     (6,070     (9,482     (5,715     (3,933     (3,399     (1,727     (2,093
                                                        

Adjusted earnings

   $ 164,969      $ 133,262      $ 43,814      $ 165,905      $ 248,099      $ 150,910      $ 127,765   

Fixed charges

   $ 207,262      $ 232,799      $ 230,075      $ 201,554      $ 197,063      $ 86,881      $ 97,661   

Ratio of earnings to fixed charges

     —          —          —          —          1.3        1.7        1.3   

Deficiency of earnings to cover fixed charges

   $ 42,293      $ 99,537      $ 186,261      $ 35,649      $ —        $ —        $ —     

 

(1) Amounts disclosed for 2005 are impacted by $0.7 million of noncontrolling interests.