EX-12.1 13 p66788exv12w1.txt EX-12.1 Exhibit 12.1 GIANT INDUSTRIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS)
THREE MONTHS YEAR ENDED DECEMBER 31, ENDED MARCH 31, ----------------------------------------------------------- --------------------------- 2001 2002 PRO FORMA 2001 2000 1999 1998 1997 PRO FORMA 2002 2001 --------- ---- ---- ---- ---- ---- --------- ---- ---- Income before income taxes per income statement ................... $27,508 $20,108 $11,337 $16,456 $ (3,726) $25,100 $(14,638) $ 209 $1,547 Add: Portion of rents representative of the interest factor ........... 2,820 2,820 3,672 4,045 1,875 1,118 451 451 871 Interest on indebtedness ........... 44,698 24,098 24,411 23,417 25,464 18,139 11,150 6,003 6,043 Amortization of debt issue costs ... 705 705 721 763 808 609 208 208 199 ------- ------- ------- ------- -------- ------- -------- ------ ------ Income as adjusted .................... $75,731 $47,731 $40,141 $44,681 $ 24,421 $44,966 $ (2,829) $6,871 $8,660 ======= ======= ======= ======= ======== ======= ======== ====== ====== Fixed charges Interest on indebtedness (A) ....... $44,698 $24,098 $24,411 $23,417 $ 25,464 $18,139 $ 11,150 $6,003 $6,043 Amortization of debt issue costs (B) 705 705 721 763 808 609 208 208 199 Capitalized interest (C) ........... -- -- 62 183 373 332 -- -- -- Rents: Total for Company ................ 8,459 8,459 11,017 12,134 5,624 3,354 1,353 1,353 2,614 Portion of rents representative of the interest factor (D) ..... 2,820 2,820 3,672 4,045 1,875 1,118 451 451 871 ------- ------- ------- ------- -------- ------- -------- ------ ------ Fixed charges (A) + (B) + (C) + (D) .............. $48,223 $27,623 $28,866 $28,408 $ 28,520 $20,198 $ 11,809 $6,662 $7,113 ======= ======= ======= ======= ======== ======= ======== ====== ====== Ratio of earnings to fixed charges .... 1.57x 1.73x 1.39x 1.57x 0.86x 2.23x 1.03x 1.22x ======= ======= ======= ======= ======== ======= ======== ====== ====== Deficiency of earnings to cover fixed charges ................ $ 4,099 $ 14,638 ======== ========