EX-12 3 a07-5003_1ex12.htm EX-12

Exhibit 12

SOUTHWEST WATER COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIOS

 

 

Years Ended December 31,(1)

 

 

(In thousands, except for ratio data)

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 

$

14,350

 

$

11,362

 

$

7,322

 

$

10,989

 

$

9,258

 

 

Add: Fixed charges

 

11,690

 

9,320

 

7,720

 

6,606

 

5,648

 

 

Less: Interest capitalized

 

(630

)

(689

)

(501

)

(535

)

(194

)

 

Total earnings

 

$

25,410

 

$

19,993

 

$

14,541

 

$

17,060

 

$

14,712

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including amortization of

 

 

 

 

 

 

 

 

 

 

 

 

debt discounts and issuance costs

 

$

8,372

 

$

7,245

 

$

4,988

 

$

4,181

 

$

4,089

 

 

Interest capitalized

 

630

 

689

 

501

 

535

 

194

 

 

Interest component of rentals(1)

 

2,688

 

1,386

 

2,231

 

1,890

 

1,365

 

 

Total fixed charges

 

$

11,690

 

$

9,320

 

$

7,720

 

$

6,606

 

$

5,648

 

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

Ratio

 

2.17

x

2.15

x

1.88

x

2.58

x

2.60

x

 

Deficiency

 

$

 

$

 

$

 

$

 

$

 

 


(1)            Reflects one-third of rental expense under operating leases considered to represent interest costs.