EX-12.1 10 a2228123zex-12_1.htm EX-12.1
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EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

CLEAN HARBORS, INC. AND SUBSIDIARIES

 
   For the
Three Months
Ended March 31, 		  For the Year Ended December 31,  
 
   2016   2015   2015   2014   2013   2012   2011  

Income from operations before income taxes(1)

   $ (4,087 ) $ 7,302   $ 109,646   $ 38,522   $ 143,885   $ 127,730   $ 184,678  

Add (Subtract):

                                            

Capitalized interest

     (1,198 )   (161 )   (1,958 )   (1,610 )   (929 )   (155 )   (451 )

Amortization of capitalized interest

     341     263     1,165     942     783     715     678  

Fixed charges (see calculation below)

     22,303     21,907     87,654     89,982     88,570     54,976     46,260  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from operations before income taxes as adjusted

   $ 17,359   $ 29,311   $ 196,507   $ 127,836   $ 232,309   $ 183,267   $ 231,165  

Fixed charges:

                                            

Interest expense, net

   $ 18,980   $ 19,438   $ 76,553   $ 77,668   $ 78,376   $ 47,287   $ 39,389  

Interest income

     150     151     626     819     507     846     798  

Capitalized interest

     1,198     161     1,958     1,610     929     155     451  

Amortization of capitalized interest

     (341 )   (263 )   (1,165 )   (942 )   (783 )   (715 )   (678 )

Preferred stock dividend

     —     —     —     —     —     —     —  

Portion of operating lease rental expenses deemed to be representative of the interest factor

     2,317     2,421     9,682     110,827     9,541     7,404     6,300  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges

   $ 22,303   $ 21,907   $ 87,654   $ 89,982   $ 88,570   $ 54,977   $ 46,260  

Ratio of earnings to fixed charges

     0.8x     1.3x     2.2x     1.4x     2.6x     3.3x     5.0x  
(1)
Our 2015 income from operations before income tax was reduced by a $32.0 million goodwill impairment charge in our Oil and Gas Field Services reporting unit, and our 2014 income from operations before income tax was reduced by a $123.4 million goodwill impairment charge in our Kleen Performance Products reporting unit. See Note 6, "Goodwill and Other Intangible Assets," to our consolidated financial statements incorporated by reference in the prospectus included in this registration statement for additional information regarding those goodwill impairment charges. Our 2012 income from operations before income tax was reduced by a $26.4 million loss on early extinguishment of debt in connection with a redemption and repurchase of our $520.0 million previously outstanding 75/8% senior secured notes.



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