EX-12.1 5 dex121.htm COMPUTATION OF RATIOS. Computation of Ratios.

Exhibit 12.1

Quaker Chemical Corporation

Statement Re: Computation of Ratios

The following table sets forth our consolidated ratio of earnings to fixed charges for the periods indicated:

 

     Nine Months
Ended
September 30,
2009		     Year Ended December 31,  
       2008     2007     2006     2005     2004  

Earnings:

             

Income from continuing operations before taxes and adjustment for income (loss) from equity affiliates and noncontrolling interest

    $ 12,540      $ 16,629      $ 22,735      $ 18,440      $ 6,615      $ 17,457   

Fixed charges

      5,202        7,000        7,839        7,012        5,403        4,042   

Distributed income of equity affiliates

      30        113        564        425        234        288   

Less: Noncontrolling interest in income before taxes of subsidiaries that have not incurred fixed charges

      (412 )      (740 )      (1,352 )      (249 )      (536 )      (557 ) 
                                                

Total Earnings

    $ 17,360      $ 23,002      $ 29,786      $ 25,628      $ 11,716      $ 21,230   
                                                

Consolidated ratio of earnings to fixed charges

      3.3        3.3        3.8        3.7        2.2        5.3   

Fixed charges:

             

Interest expense (includes amortization of debt issuance costs)

    $ 4,136      $ 5,509      $ 6,426      $ 5,520      $ 3,681      $ 2,363   

Estimated interest included in rental expense

      1,066        1,491        1,413        1,492        1,722        1,679   
                                                

Total fixed charges

    $ 5,202      $ 7,000      $ 7,839      $ 7,012      $ 5,403      $ 4,042