EX-12.1 3 a2225516zex-12_1.htm EX-12.1
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Exhibit 12.1

Fluor Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in thousands)

 
   Full Year
2010 		  Full Year
2011 		  Full Year
2012 		  Full Year
2013 		  Full Year
2014 		  Six Months
Ended
June 30, 2015 		 

Earnings from continuing operations before income taxes

   $ 559,596   $ 1,001,816   $ 733,505   $ 1,177,599   $ 1,204,909   $ 487,727  

Add (subtract):

                                      

Equity in (earnings) from less than 50% owned investees, net of distributions

     12,343     3,637     9,157     15,030     1,295     (7,377 )

Noncontrolling interests in earnings before income taxes

     (84,526 )   (105,656 )   (115,595 )   (155,315 )   (136,634 )   (33,762 )

Fixed charges

     46,778     42,132     51,487     53,132     57,167     35,064  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 534,191   $ 941,929   $ 678,554   $ 1,090,446   $ 1,126,737   $ 481,652  

Fixed charges:

    
 		    
 		    
 		    
 		    
 		    
 		  

Interest expense

   $ 10,616   $ 15,601   $ 28,238   $ 26,887   $ 29,681   $ 23,569  

Portion of rental expense representative of interest factor*

     36,162     26,531     23,249     26,245     27,486     11,495  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 46,778   $ 42,132   $ 51,487   $ 53,132   $ 57,167   $ 35,064  

Ratio of earnings to fixed charges

    
11.42x		    
22.36x		    
13.18x		    
20.52x		    
19.71x		    
13.74x		  
*
Considered to be representative of interest factor in rental expense.



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