EX-12.1 3 g86425exv12w1.txt COMPUTATION OF EARNINGS EXHIBIT 12.1 RAILAMERICA, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS EXCEPT RATIO)
NINE MONTHS ENDED 1998 1999 2000 2001 2002 9/30/03 ------ ------ ------ ------ ------ -------- Pre-tax income (loss) from continuing operations ............................. (2,467) 4,585 7,376 8,600 4,445 31,995 Fixed charges: Interest expense .......................... 4,944 20,490 55,950 53,480 45,469 31,165 Capitalized Interest ...................... 0 0 0 289 584 372 Appropriate portion (1/3) of rentals ...... 891 1,122 2,970 5,280 8,052 5,872 ------ ------ ------ ------ ------ -------- Total Fixed Charges: .................... 5,835 21,612 58,920 59,049 54,105 37,409 Pre-tax income (loss) from continuing operations plus fixed charges less preferred stock dividend requirements and capitalized interest ............................... 3,368 26,197 51,544 67,360 57,966 69,032 ------ ------ ------ ------ ------ -------- Ratio of earnings to fixed charges ........ 0.58(a) 1.21 0.87(b) 1.14 1.07 1.85 ------ ------ ------ ------ ------ --------
RAILAMERICA, INC. COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (IN THOUSANDS EXCEPT RATIO)
NINE MONTHS ENDED 1998 1999 2000 2001 2002 9/30/03 ------- ------- ------- ------- ------- --------- Pre-tax income (loss) from continuing operations ............................. (2,467) 4,585 (7,376) 8,600 4,445 31,995 Fixed charges: Interest expense .......................... 4,944 20,490 55,950 53,480 45,469 31,165 Capitalized Interest ...................... 0 0 0 289 584 372 Appropriate portion (1/3) of rentals ...... 891 1,122 2,970 5,280 8,052 5,872 ------- ------- ------- ------- ------- --------- Total Fixed Charges ..................... 5,835 21,612 58,920 59,049 54,105 37,409 Preference security dividend requirements (pre-tax) ................. 0 1,035 901 385 0 0 Total fixed charges and preferred dividends .............................. 5,835 22,647 59,821 59,434 54,105 37,409 Pre-tax income (loss) from continuing operations plus fixed charges less capitalized interest ................... 3,368 26,197 51,544 67,360 57,966 69,032 Ratio of earnings to combined fixed charges and preferred dividends ........ 0.58(a) 1.16 0.86(c) 1.13 1.07 1.85
(a) Due to our loss in 1998, the ratio coverage was less than 1:1. The fixed charges exceeded earnings by $2.5 million. (b) Due to our loss in 2000, the ratio coverage was less than 1:1. The fixed charges exceeded earnings by $7.4 million. (c) Due to our loss in 2000, the ratio coverage was less than 1:1. The fixed charges exceeded earnings by $8.3 million.