EX-12.1 2 a2148365zex-12_1.txt EXHIBIT 12.1 CASELLA WASTE SYSTEMS, INC. STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (IN THOUSANDS, EXCEPT RATIOS)
YEAR ENDED APRIL 30, ----------------------------------------------------- SIX MONTHS ENDED OCTOBER 31, 2000 2001 2002 2003 2004 2004 -------- -------- --------- -------- -------- ---------------- Income (loss) from continuing operations before income taxes, discontinued operations, extraordinary item and cumulative effect of change in accounting principle......................... $21,857 $(114,127) $ 15,936 $ 7,871 $ 3,759 $11,261 Minority interests.................. 502 1,026 (154) (152) -- -- Gain/loss in equity method investees......................... 1,062 26,256 (1,899) (2,073) (2,261) (927) Distributed income of equity method investees......................... -- -- 500 2,000 -- -- Fixed charges....................... 18,182 42,644 33,606 28,708 27,496 15,536 Less: interest capitalized.......... (640) (373) (437) (719) (356) (219) ------- -------- --------- ------- ------- ------- Earnings............................ $40,963 $(44,574) $ 47,552 $35,635 $28,638 $25,651 ======= ======== ========= ======= ======= ======= Interest expense (includes amort. of def. financing charges)........... $16,889 $ 41,397 $ 31,259 $26,354 $25,500 $14,497 Estimate of interest within rental expense........................... 653 874 1,910 1,635 1,640 820 Interest capitalized................ 640 373 437 719 356 219 ------- -------- --------- ------- ------- ------- Fixed charges....................... $18,182 $ 42,644 $ 33,606 $28,708 $27,496 $15,536 ======= ======== ========= ======= ======= ======= Ratio of earnings to fixed charges........................... 2.25 -- 1.41 1.24 1.04 1.65 Deficiency of earnings to fixed charges........................... $ -- $(87,218) $ -- $ -- $ -- $ -- Fixed charges from above............ $18,182 $ 42,644 $ 33,606 $28,708 $27,496 $15,536 Preferred stock dividends........... -- 2,402 4,450 6,001 2,271 3,010 ------- -------- --------- ------- ------- ------- Combined fixed charges and preferred stock dividends................... $18,182 $ 45,046 $ 38,056 $34,709 $29,767 $18,546 ======= ======== ========= ======= ======= ======= Ratio of earnings to combined fixed charges and preferred stock dividends......................... 2.25 -- 1.25 1.03 -- 1.38 Deficiency of earnings to combined fixed charges and preferred stock dividends......................... $ -- $(89,620) $ -- $ -- $(1,129) $ --