EX-12.1 27 a2128109zex-12_1.txt EXHIBIT 12.1 Exhibit 12.1 CASELLA WASTE SYSTEMS, INC. STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
SIX MONTHS ENDED YEAR ENDED APRIL 30, OCTOBER 31, --------------------------------------------------- ------------------ 1999 2000 2001 2002 2003 2002 2003 -------- -------- -------- -------- -------- -------- -------- FIXED CHARGE COVERAGE RATIO: Income (loss) from continuing operations before income taxes, discontinued operations, extraordinary loss and cumulative effect of change in accounting principle..................... $13,665 $22,042 $(114,001) $15,798 $ 7,871 $12,900 $ 9,643 Undistributed earnings and minority interests........ -- 502 1,026 (154) (152) (152) -- (Gain) / loss in equity method investees............. -- 1,062 26,256 (1,899) (2,073) (1,751) (898) Distributed income of equity method investees........ -- -- -- 500 2,000 500 -- Fixed charges........................................ 6,171 17,547 41,961 31,888 27,291 14,360 12,622 Less: interest capitalized........................... (530) (640) (373) (437) (719) (273) (290) ------- ------- -------- ------- ------- ------- ------- Earnings (loss)...................................... $19,306 $40,513 $(45,131) $45,696 $34,218 $25,584 $21,077 ------- ------- -------- ------- ------- ------- ------- Interest expense (includes amortization of deferred financing charges)................................. $ 5,641 $16,907 $ 41,588 $31,451 $26,572 $14,087 $12,332 Interest capitalized................................. 530 640 373 437 719 273 290 ------- ------- -------- ------- ------- ------- ------- Fixed charges........................................ $ 6,171 $17,547 $ 41,961 $31,888 $27,291 $14,360 $12,622 ------- ------- -------- ------- ------- ------- ------- Ratio of earnings to fixed charges................... 3.13 2.31 -- 1.43 1.25 1.78 1.67 ------- ------- -------- ------- ------- ------- ------- PROFORMA FIXED CHARGE COVERAGE RATIO: Proforma income from continuing operations before income taxes, discontinued operations, extraordinary item and cumulative effect of change in accounting principle............................ $ 7,871 $ 9,643 Undistributed earnings and minority interests........ (152) -- Gain in equity method investees...................... (2,073) (898) Distributed income of equity method investees........ 2,000 -- Proforma fixed charges............................... 25,642 14,738 Less: interest capitalized........................... (719) (290) ------- ------- Proforma earnings.................................... $32,569 $23,193 ------- ------- Proforma interest expense (includes amortization of deferred financing charges)........................ $24,923 $14,448 Interest capitalized................................. 719 290 ------- ------- Proforma fixed charges............................... $25,642 $14,738 ------- ------- Ratio of proforma earnings to proforma fixed charges............................................ 1.27 1.57 ------- -------