EX-12.1 7 ex_121.htm EXHIBIT 12.1 ex_121.htm
Exhibit 12.1
 
 
LSB Industries, Inc.
Unaudited Computation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)


 
Year ended December 31,
 
2005
  
2006
  
2007
  
2008
  
2009
Income from continuing operations before provisions for income taxes and equity in earnings of affiliate
 
$
 
5,007
 
$
 
15,848
 
$
 
48,197
 
$
 
54,399
 
$
 
35,877
Add:
                    
Fixed charges
  
15,431
  
15,971
  
15,674
  
12,042
  
8,001
Share of distributed income of 50% owned affiliate
  
488
  
875
  
765
  
735
  
785
Adjusted Earnings
$
20,926
$
32,694
$
64,636
$
67,176
$
44,663
                     
Fixed Charges:
                    
Interest expense (1)
$
11,245
$
12,028
$
11,723
$
8,510
$
6,016
Estimate of interest in rental expense
  
4,186
  
3,943
  
3,951
  
3,532
  
1,985
Fixed Charges
  
15,431
  
15,971
  
15,674
  
12,042
  
8,001
                     
Preferred stock dividends
  
2,337
  
2,783
  
5,912
  
463
  
519
Combined fixed charges and preferred stock dividends
$
17,768
$
18,754
$
21,586
$
12,505
$
8,520
                     
Ratio of earnings to fixed charges
  
1.4
  
2.0
  
4.1
  
5.6
  
5.6
                     
Ratio of earnings to combined fixed charges and preferred stock dividends
  
1.2
  
1.7
  
3.0
  
5.4
  
5.2
                     

(1)  
Interest expense includes amortization of deferred debt issuance costs and excludes realized and unrealized gains or losses on interest rate financial instruments that are reported as interest expense.