EX-12 5 w09866exv12.txt STATEMENT RE: COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES . . . Exhibit 12 AIRGAS, INC. COMPUTATION OF FINANCIAL RATIOS (in thousands, except ratios)
RATIO OF EARNINGS TO FIXED CHARGES 2001 2002 2003 2004 2005 ---------------------------------- ---------- ---------- ---------- ---------- ---------- EARNINGS COMPUTATION: Add: Pretax income from continuing operations before equity earnings and minority interest.............. $ 47,763 $ 75,530 $ 106,620 $ 123,632 $ 148,413 Fixed charges......................................... 77,746 68,378 69,149 66,378 83,323 Distributed income of unconsolidated Affiliate........ 911 901 943 724 -- ---------- ---------- ---------- ---------- ---------- $ 126,420 $ 144,809 $ 176,712 $ 190,734 $ 231,736 ========== ========== ========== ========== ========== Subract: Preferred dividend requirements of consolidated affiliate............................................. -- -- -- (1,151) (4,626) ---------- ---------- ---------- ---------- ---------- Earnings for purposes of computation.................. $ 126,420 $ 144,809 $ 176,712 $ 189,583 $ 227,110 ========== ========== ========== ========== ========== FIXED CHARGES COMPUTATION: Interest expense (1).................................. $ 62,964 $ 53,020 $ 50,639 $ 46,340 $ 57,547 Estimate of the interest component of rent expense.... 14,782 15,358 18,510 18,887 21,150 Preferred dividend requirements of consolidated affiliate............................................. -- -- -- 1,151 4,626 ---------- ---------- ---------- ---------- ---------- Fixed charges for purposes of computation............. $ 77,746 $ 68,378 $ 69,149 $ 66,378 $ 83,323 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 1.63X 2.12X 2.56X 2.86X 2.73X
(1) includes amortization of capitalized financing costs and discount on trade receivable securitization.