EX-12.1 3 v11935exv12w1.htm EXHIBIT 12.1 exv12w1
 

The Greenbrier Companies
Computation of Ratio of Earnings to Fixed Charges
(in thousands) 		  Exhibit 12.1
                                         
    Year ended August 31,  
    2001     2002     2003     2004     2005  
Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries
   $ 8,523     $ (47,230 )   $ 10,758     $ 31,194     $ 50,000  
Interest expense
     22,264       19,055       14,489       11,553       14,000  
Estimated interest portion of rent expense
     7,181       6,287       6,136       5,388       5,591  
     
 
   $ 37,968     $ (21,888 )   $ 31,383     $ 48,135     $ 69,591  
     
 
                                        
Fixed charges
   $ 29,445     $ 25,342     $ 20,625     $ 16,941     $ 19,591  
 
                                        
Ratio of earnings to fixed charges
     1.29       (0.86 )     1.52       2.84       3.55