EX-12.1 70 y90226exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
McJunkin Red Man Holding Corporation
Ratio of Earnings to Fixed Charges
(in thousands)
                                                 
    Predecessor     Successor  
                Eleven
                   
          One Month
    Months
                   
    Year Ended
    Ended
    Ended
                   
    December 31,
    January
    December 31,
    Year Ended December 31,  
    2006     2007     2007     2008     2009(1)     2010(2)  
 
Earnings
                                               
Pretax income (loss) from continuing operations
  $ 117.9     $ 11.2     $ 82.0     $ 406.7     $ (278.6 )   $ (75.2 )
Fixed Charges
    3.2       0.1       62.1       85.2       117.0       140.3  
 
                                   
Earnings
  $ 121.1     $ 11.3     $ 144.1     $ 491.9     $ (161.6 )   $ 65.0  
 
                                   
Fixed charges:
                                               
Interest expense (3)
  $ 2.8     $ 0.1     $ 61.7     $ 84.5     $ 116.5     $ 139.6  
Interest component of rental expense
    0.4             0.4       0.7       0.5       0.7  
 
                                   
Total fixed charges
    3.2       0.1       62.1       85.2       117.0       140.3  
 
                                   
Ratio of earning to fixed charges (4)
    38.2 x     107.7 x     2.3 x     5.8 x            
 
                                   
 
(1)   Earnings were insufficient to cover fixed charges by $279 million for the year ended December 31, 2009.
 
(2)   Earnings were insufficient to cover fixed charges by $75 million for the year ended December 31, 2010.
 
(3)   Interest expense includes original issue discount and amortization charges associated with debt issuance costs.
 
(4)   Certain ratios may not recompute due to rounding differences.