EX-12 2 a08-2435_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)

 

2007

 

2006

 

2005

 

2004

 

2003

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before
income taxes

 

$

(4,225

)

$

15,397

 

$

12,405

 

$

7,841

 

$

10,992

 

Add: Fixed charges

 

11,520

 

10,854

 

8,576

 

7,193

 

6,606

 

Less: Interest capitalized

 

(926

)

(630

)

(689

)

(501

)

(535

)

Total earnings

 

$

6,369

 

$

25,621

 

$

20,292

 

$

14,533

 

$

17,063

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including amortization of
debt discounts and issuance costs

 

$

7,696

 

$

7,536

 

$

6,501

 

$

4,461

 

$

4,181

 

Interest capitalized

 

926

 

630

 

689

 

501

 

535

 

Interest component of rentals (1)

 

2,898

 

2,688

 

1,386

 

2,231

 

1,890

 

Total fixed charges

 

$

11,520

 

$

10,854

 

$

8,576

 

$

7,193

 

$

6,606

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Ratio

 

—

 

2.36x

 

2.37x

 

2.02x

 

2.58x

 

Deficiency

 

$

5,151

 

$

—

 

$

—

 

$

—

 

$

—

 

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