EX-12 3 l14096aexv12.txt EX-12 RATIO OF EARNINGS . . . EXHIBIT 12 THE GREENBRIER COMPANIES Computation of Ratio of Earnings to Fixed Charges (In thousands)
NINE MONTHS YEAR ENDED AUGUST 31, ENDED MAY 31 -------------------------------------------------------------- ------------------- 2000 2001 2002 2003 2004 2005 2004 -------------------------------------------------------------- ------------------- Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries $ 31,003 $ 8,523 $ (47,230) $ 10,758 $ 31,194 $32,391 $19,947 Interest expense 19,944 22,264 19,055 14,489 11,553 8,909 8,813 Estimated interest portion of rent expense 5,612 7,181 6,287 6,136 5,388 3,994 4,124 ------------------------------------------------------------------------------------ Consolidated earnings before fixed charges $ 56,559 $ 37,968 $ (21,888) $ 31,383 $ 48,135 $45,294 $32,884 ==================================================================================== Fixed charges $ 25,556 $ 29,445 $25,342 $ 20,625 $ 16,941 $12,903 $12,937 ------------------------------------------------------------------------------------ Ratio of earnings to fixed charges 2.21 1.29 (0.86) 1.52 2.84 3.51 2.54