EX-12.1 5 dex121.txt HANOVER COMPRESSOR - RATIO COMPUTATION Exhibit 12.1 Hanover Compressor Company Computation of Ratio of Earnings to Fixed Charges (amounts in thousands of dollars) (unaudited)
March 31, March 31, Pro forma 2002 2001 2001 2001 2000 1999 ---- ---- ---- ---- ---- ---- Earnings: Income before taxes $ 8,390 $ 32,215 $ 119,246 $ 117,410 $ 81,471 $ 63,586 Add: Interest on indebtedness and amortization of capitalized interest, debt expense and discount (1) 9,926 4,633 32,673 24,173 15,116 9,115 Leasing expense and the estimated interest factor attributable to rents 23,342 15,524 94,511 71,637 46,132 22,486 Subtract: Equity in income of non-consolidated affiliates in excess of distributions of income (4,932) (750) (5,615) (9,350) (3,518) (1,188) --------- --------- --------- --------- --------- --------- Earnings 36,726 51,622 240,815 203,870 139,201 93,999 --------- --------- --------- --------- --------- --------- Fixed charges: Interest on indebtedness and amortization of debt expense and discount (1) 10,661 4,934 35,163 26,663 16,589 10,597 Leasing expense and the estimated interest factor attributable to rents 23,342 15,524 94,511 71,637 46,132 22,486 --------- --------- --------- --------- --------- --------- Fixed charges 34,003 20,458 129,674 98,300 $ 62,721 33,083 --------- --------- --------- --------- --------- --------- Ratio of earnings to fixed charges 1.08 2.52 1.86 2.07 2.22 2.84 ========= ========= ========= ========= ========= ========= 1998 1997 Earnings: ---- ---- Income before taxes $ 49,636 $ 28,685 Add: Interest on indebtedness and amortization of capitalized interest, debt expense and discount (1) 11,716 10,728 Leasing expense and the estimated interest factor attributable to rents 6,310 113 Subtract: Equity in income of non-consolidated affiliates in excess of distributions of income (1,369) --------- --------- Earnings 66,293 39,526 --------- --------- Fixed charges: Interest on indebtedness and amortization of debt expense and discount (1) 11,716 10,728 Leasing expense and the estimated interest factor attributable to rents 6,310 113 --------- --------- Fixed charges 18,026 10,841 --------- --------- Ratio of earnings to fixed charges 3.68 3.65 ========= =========
(1) Includes distributions on mandatorily redeemable convertible preferred securities.