EX-12.1 2 a2223218zex-12_1.htm EX-12.1
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EXHIBIT 12.1

STEEL DYNAMICS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)

 
   2010   2011   2012   2013   2014  

Interest expense, including amortization of debt issuance costs

   $ 170,229   $ 176,977   $ 158,585   $ 127,728   $ 137,263  

Capitalized interest

     6,968     1,730     1,394     4,592     2,471  
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Fixed charges (a)

     177,197     178,707     159,979     132,320     139,734  

Income before taxes and before adjustment for noncontrolling interests

    
213,459		    
424,319		    
204,066		    
262,830		    
164,803		  

Amortization of capitalized interest

     5,885     6,124     6,778     6,832     7,194  

Less capitalized interest

     (6,968 )   (1,730 )   (1,394 )   (4,592 )   (2,471 )
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Adjusted earnings (b)

     389,573     607,420     369,429     397,390     309,260  
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Ratio (b) / (a)

     2.20x     3.40x     2.31x     3.00x     2.21x  
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        For purposes of calculating our ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes, extraordinary items and before adjustment for noncontrolling interests, adjusted for the portion of fixed charges deducted from the earnings, plus amortization of capitalized interest. Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuances costs.



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STEEL DYNAMICS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)