EX-12.1 7 d533545dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The table below sets forth the Computation of Ratio of Earnings to Fixed Charges for Calumet Specialty Products Partners, L.P. and its subsidiaries for each of the periods indicated.

 

     (Unaudited)(Dollars in millions)  
     Year Ended December 31,      Three
Months
Ended
March 31,
2013		  
     2008      2009      2010      2011      2012     

Earnings

                  

Income from continuing operations

    $ 44.7       $ 61.9       $ 17.3       $ 44.0       $ 206.5       $ 46.2   

Fixed charges less unamortized capitalized interest

      45.4         44.9         41.9         60.2         100.4         29.8   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings from continuing operations before fixed charges

    $ 90.1       $ 106.8       $ 59.2       $ 104.2       $ 306.9       $ 76.0   

Fixed Charges

                  

Interest expense, net of capitalized interest

    $ 34.0       $ 33.6       $ 30.5       $ 48.7       $ 85.6       $ 24.8   

Capitalized interest, net of amortization

      6.9         0.6         0.4         0.6         0.7         —     

Estimated interest within rental expense

      11.5         11.3         11.4         11.5         14.8         5.0   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

    $ 52.4       $ 45.5       $ 42.3       $ 60.8       $ 101.1       $ 29.8   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

      1.72         2.35         1.40         1.71         3.03         2.55   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

For purposes of determining the ratio of earnings to fixed charges, earnings are defined as pre-tax income from continuing operations plus the following (a) fixed charges, and (b) amortization of capitalized interest, less interest capitalized. Fixed charges consist of interest expensed and capitalized plus (a) amortized discounts and capitalized expenses related to indebtedness, and (b) an estimate of the interest within rental expense.