EX-12.1 5 g88901a1exv12w1.txt STATEMENTS OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 RAILAMERICA, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS EXCEPT RATIO)
Three Months Ended 1999 2000 2001 2002 2003 3/31/04 ------ ------ ------ ------ ------ ------------ Pre-tax income (loss) from continuing operations ............................. 4,585 (7,376) 8,600 4,445 42,470 7,459 Fixed charges: Interest expense .......................... 20,490 55,950 53,480 45,469 41,181 10,092 Capitalized Interest ...................... 0 0 289 584 497 63 Appropriate portion (1/3) of rentals ...... 1,122 2,970 5,280 8,052 8,448 2,073 ------ ------ ------ ------ ------ ------ Total Fixed Charges: .................... 21,612 58,920 59,049 54,105 50,126 12,228 Pre-tax income (loss) from continuing operations plus fixed charges less preferred stock dividend requirements and capitalized interest ............................... 26,197 51,544 67,360 57,966 92,099 19,624 ------ ------ ------ ------ ------ ------ Ratio of earnings to fixed charges ........ 1.21 0.87(a) 1.14 1.07 1.84 1.60 ------ ------ ------ ------ ------ ------
RAILAMERICA, INC. COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (IN THOUSANDS EXCEPT RATIO)
Three Months Ended 1999 2000 2001 2002 2003 3/31/04 ------- ------- ------- ------- ------ ------------ Pre-tax income (loss) from continuing operations ............................. 4,585 (7,376) 8,600 4,445 42,470 7,459 Fixed charges: Interest expense .......................... 20,490 55,950 53,480 45,469 41,181 10,092 Capitalized Interest ...................... 0 0 289 584 497 63 Appropriate portion (1/3) of rentals ...... 1,122 2,970 5,280 8,052 8,448 2,073 ------- ------- ------- ------- ------ ------ Total Fixed Charges ..................... 21,612 58,920 59,049 54,105 50,126 12,228 Preference security dividend requirements (pre-tax) ................. 1,035 901 385 0 0 0 Total fixed charges and preferred dividends .............................. 22,647 59,821 59,434 54,105 50,126 12,228 Pre-tax income (loss) from continuing operations plus fixed charges less capitalized interest ................... 26,197 51,544 67,360 57,966 92,099 19,624 Ratio of earnings to combined fixed charges and preferred dividends ........ 1.16 0.86(b) 1.13 1.07 1.84 1.60
(a) Due to our loss in 2000, the ratio coverage was less than 1:1. The fixed charges exceeded earnings by $7.4 million. (b) Due to our loss in 2000, the ratio coverage was less than 1:1. The fixed charges and preference dividends exceeded earnings by $8.3 million.