EX-12.1 4 a2210003zex-12_1.htm EX-12.1

Exhibit 12.1

 

Fluor Corporation

Computation of Ratio of Earnings to Fixed Charges

(Dollar amounts in thousands)

 

 

 

Full Year
2007

 

Full Year
2008

 

Full Year
2009

 

Full Year
2010

 

Full Year
2011

 

Three Months
Ended March 31,
2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

659,903

 

$

1,141,694

 

$

1,136,788

 

$

559,596

 

$

1,001,816

 

$

240,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add (subtract):

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in (earnings) from less than 50% owned investees, net of distributions

 

(16,104

)

(12,014

)

(3,699

)

12,343

 

19,225

 

(7,857

)

Noncontrolling interests in earnings before income taxes

 

(19,384

)

(34,327

)

(49,973

)

(84,526

)

(105,656

)

(22,596

)

Fixed charges

 

82,055

 

80,242

 

45,122

 

46,778

 

42,132

 

13,827

 

Total

 

$

706,470

 

$

1,175,595

 

$

1,128,238

 

$

534,191

 

$

957,517

 

$

224,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

32,707

 

$

18,439

 

$

10,054

 

$

10,616

 

$

15,601

 

$

6,881

 

Portion of rental expense representative of interest factor*

 

49,348

 

61,803

 

35,068

 

36,162

 

26,531

 

6,946

 

Total fixed charges

 

$

82,055

 

$

80,242

 

$

45,122

 

$

46,778

 

$

42,132

 

$

13,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.61x

 

14.65x

 

25.00x

 

11.42x

 

22.73x

 

16.21x

 

 

* Considered to be representative of interest factor in rental expense.