EX-12.1 19 dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

 

EXHIBIT 12.1

 

Secunda International Limited

Ratio of Earnings to Fixed Charges

 

     Years Ended June 30,
  
     2001
    2002
    2003
    2004
  
     ($ in thousands)  

EARNINGS

                              

Pretax income (loss)

    $ 4,731    $ 4,233    $ 3,948    ($ 4,669 )

Less: Capital taxes

      413      368      445      474  

Fixed charges (computed below)

      15,636      13,361      13,546      12,587  

Less: Interest capitalized

      —        190      735      —    
    
  
  
  

Total earnings (A)

    $ 19,954    $ 17,036    $ 16,314    $ 7,444  
    
  
  
  

FIXED CHARGES

                              

Interest expensed (1)

    $ 11,565    $ 7,714    $ 7,668    $ 8,829  

Interest capitalized

      —        190      735      —    

Estimate of interest in lease expense

      4,071      5,457      5,143      3,758  
    
  
  
  

Total fixed charges (B)

    $ 15,636    $ 13,361    $ 13,546    $ 12,587  
    
  
  
  

RATIO OF EARNINGS TO FIXED CHARGES (A) DIVIDED BY (B)

      1.3X      1.3X      1.2X      0.6X  
    
  
  
  

 

(1) Includes amortization of deferred financing costs.

 

(2) For the year ended June 30, 2004, the ratio of earnings to fixed charges was less than one-to-one due to a deficiency in earnings of approximately $5.1 million.