EX-12.1 7 h08423a1exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 WESTLAKE CHEMICAL CORPORATION STATEMENT SETTING FORTH DETAIL FOR COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (millions of dollars)
Nine Months Ended Year Ended December 31, September 30, ------------------------------------------------------- -------------------- 1998 1999 2000 2001 2002 2002 2003 -------- -------- -------- -------- -------- -------- -------- Fixed charges: Interest expense $ 35.9 $ 42.0 $ 32.0 $ 31.9 $ 32.9 $ 24.5 $ 26.3 Capitalized interest 6.3 0.0 0.0 1.6 0.4 0.4 0.0 Amortization of debt costs 0.7 0.8 2.0 1.5 3.1 2.0 2.9 Portion of rentals representative of interest 6.3 6.2 6.3 6.6 6.1 4.5 4.3 -------- -------- -------- -------- -------- -------- -------- Total fixed charges $ 49.2 $ 49.0 $ 40.3 $ 41.6 $ 42.5 $ 31.4 $ 33.5 ======== ======== ======== ======== ======== ======== ======== Earnings before fixed charges: Pretax income $ (68.8) $ 84.3 $ 89.8 $ (118.6) $ (16.6) $ (6.8) $ 5.1 Fixed charges 49.2 49.0 40.3 41.6 42.5 31.4 33.5 Equity investment (income)/loss (0.6) (0.2) 0.0 (1.2) (0.8) (0.6) (1.0) Equity investment distribution 0.0 0.0 0.0 0.0 0.7 0.7 0.0 Capitalized interest (6.3) 0.0 0.0 (1.6) (0.4) (0.4) 0.0 Amortization of capitalized interest 1.4 1.7 1.6 1.7 1.7 1.3 1.3 -------- -------- -------- -------- -------- -------- -------- Total earnings before fixed charges $ (25.1) $ 134.8 $ 131.7 $ (78.1) $ 27.1 $ 25.6 $ 38.9 ======== ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges: Earnings before fixed charges $ (25.1) $ 134.8 $ 131.7 $ (78.1) $ 27.1 $ 25.6 $ 38.9 Fixed charges $ 49.2 $ 49.0 $ 40.3 $ 41.6 $ 42.5 $ 31.4 $ 33.5 Ratio of earnings to fixed charges -- 2.8 3.3 -- -- -- 1.2 ======== ======== ======== ======== ======== ======== ========