EX-12 2 a10-5591_1ex12.htm EX-12

Exhibit 12

 

SOUTHWEST WATER COMPANY

 

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIOS

 

 

 

Years Ended December 31,(1)

 

(In thousands, except for ratio data)

 

2009

 

2008

 

2007

 

2006

 

2005

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

(21,502)

 

$

(35,012)

 

$

387

 

$

4,966

 

$

1,070

 

Total fixed charges

 

11,958

 

11,680

 

11,349

 

10,763

 

10,787

 

Less: Interest capitalized

 

(100)

 

(338)

 

(794)

 

(564)

 

(737)

 

Total earnings

 

$

(9,644)

 

$

(23,670)

 

$

10,942

 

$

15,165

 

$

11,120

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including amortization of debt discounts and issuance costs

 

$

9,856

 

$

8,402

 

$

7,717

 

$

7,671

 

$

7,557

 

Interest capitalized

 

100

 

338

 

794

 

564

 

737

 

Interest component of rentals(1)

 

2,002

 

2,940

 

2,838

 

2,528

 

2,493

 

Total fixed charges

 

$

11,958

 

$

11,680

 

$

11,349

 

$

10,763

 

$

10,787

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Ratio

 

—

 

—

 

—

 

1.41x

 

1.03x

 

Deficiency

 

$

21,602

 

$

35,350

 

$

407

 

$

—

 

$

—

 

 

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