EX-12.1 4 l31313aexv12w1.htm EXHIBIT 12.1 exv12w1
Exhibit 12.1
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)
                                                 
    QUARTER        
    ENDED        
    MARCH 31     YEARS ENDED DECEMBER 31  
    2008     2007 (b)     2006 (c)     2005 (c)     2004 (c)     2003 (c)  
     
Pre-tax income from continuing operations (net of minority interest in net income)
  $ 81,079     $ 372,713     $ 279,756     $ 203,610     $ 148,569     $ 114,363  
 
                                               
Add fixed charges computed below
    28,819       129,233       100,635       77,317       74,192       68,519  
 
                                               
Net adjustments for equity companies
    (405 )     (868 )     (192 )     96       461       1,062  
 
                                               
Net adjustments for capitalized interest
    (85 )     (723 )     (1,114 )     (567 )     (124 )     14  
 
                                   
 
                                               
Consolidated Earnings Available for Fixed Charges
  $ 109,408     $ 500,355     $ 379,085     $ 280,456     $ 223,098     $ 183,958  
 
                                   
 
                                               
Consolidated Fixed Charges:
                                               
 
                                               
Interest expense per financial statements (a)
  $ 17,120     $ 81,383     $ 60,478     $ 41,918     $ 41,057     $ 40,513  
 
                                               
Interest expense capitalized
    158       1,035       1,325       677       251       101  
 
                                               
Portion of rentals (1/3) representing a reasonable approximation of the interest factor
    11,541       46,815       38,832       34,722       32,884       27,905  
 
                                   
 
                                               
Consolidated Fixed Charges
  $ 28,819     $ 129,233     $ 100,635     $ 77,317     $ 74,192     $ 68,519  
 
                                   
 
                                               
Consolidated Ratio of Earnings to Fixed Charges
    3.80       3.87       3.77       3.63       3.01       2.68  
 
                                   
 
(a)   Includes amortization of debt discount and expense.
 
(b)   Does not include interest related to FIN 48 obligations.
 
(c)   Pre-tax income from continuing operations (net of minority interest in net income) restated to reflect the Gas Technologies business group as a Discontinued Operation. Portion of rentals revised to include recurring short-term rentals in the Access Services business.