EX-12.1 4 l40639exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
                                                 
            YEARS ENDED DECEMBER 31  
    Six Months                                
    Ended                                
    June 30,                                
(dollars in thousands)   2010     2009 (a)     2008 (a)     2007 (a)     2006 (b)     2005 (b)  
Pre-tax income from continuing operations attributable to Harsco shareholders (c)
   $ 56,185     $ 152,347     $ 337,443     $ 372,713     $ 279,756     $ 203,610  
 
                                                
Add fixed charges computed below
     49,220       95,180       120,709       129,233       100,635       77,317  
 
                                                
Net adjustments for equity companies
     (13 )     (94 )     (417 )     (868 )     (192 )     96  
 
                                                
Net adjustments for capitalized interest
     (44 )     (572 )     (277 )     (723 )     (1,114 )     (567 )
 
                                    
 
                                                
Consolidated Earnings Available for Fixed Charges
   $ 105,348     $ 246,861     $ 457,458     $ 500,355     $ 379,085     $ 280,456  
 
                                    
 
                                                
Consolidated Fixed Charges:
                                                
 
                                                
Interest expense per financial statements (d)
   $ 31,530     $ 62,746     $ 73,160     $ 81,383     $ 60,478     $ 41,918  
 
                                                
Interest expense capitalized
     102       947       552       1,035       1,325       677  
 
                                                
Portion of rentals (1/3) representing a reasonable approximation of the interest factor
     17,588       31,487       46,997       46,815       38,832       34,722  
 
                                    
 
                                                
Consolidated Fixed Charges
   $ 49,220     $ 95,180     $ 120,709     $ 129,233     $ 100,635     $ 77,317  
 
                                    
 
                                                
Consolidated Ratio of Earnings to Fixed Charges
     2.14       2.59       3.79       3.87       3.77       3.63  
 
                                    
 
(a)   Does not include interest related to uncertain tax position obligations.
 
(b)   Pre-tax income from continuing operations (net of minority interest in net income) retrospectively revised to reflect the Gas Technologies business group as a Discontinued Operation. Portion of rentals revised to include recurring short-term rentals in the Harsco Infrastructure Segment.
 
(c)   On January 1, 2009, the Company adopted changes issued by the Financial Accounting Standards Board related to consolidation accounting and reporting. These changes, among others, require that minority interests be renamed noncontrolling interests and that a company present a consolidated net income measure that includes the amount attributable to such noncontrolling interests for all periods presented. For the computation above, income attributable to noncontrolling interests have been excluded from pre-tax income.
 
(d)   Includes amortization of debt discount and expense.