EX-12.1 13 v50395exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
The Greenbrier Companies
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
                                         
    Year ended August 31,  
    2004     2005     2006     2007     2008  
     
Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries
   $ 31,194     $ 50,000     $ 61,065     $ 34,205     $ 34,038  
Interest expense
     11,553       14,000       26,985       39,915       40,770  
Estimated interest portion of rent expense
     5,388       5,591       6,465       6,419       11,371  
     
 
   $ 48,135     $ 69,591     $ 94,515     $ 80,539     $ 86,179  
             
 
                                        
Fixed charges
   $ 16,941     $ 19,591     $ 33,450     $ 46,334     $ 52,141  
 
                                        
Ratio of earnings to fixed charges
     2.84       3.55       2.83       1.74       1.65