EX-12.1 23 computationofratioofearnin.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The table below sets forth the Computation of Ratio of Earnings to Fixed Charges for Calumet Specialty Products Partners, L.P. and its subsidiaries for each of the periods indicated.
 
 
 
Year Ended December 31,
 
Nine Months
Ended
September 30,
 
 
(Unaudited)
(Dollars in thousands)
 
 
 
2007
 
2008
 
2009
 
2010
 
2011
 
2012
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
83,375

 
$
44,694

 
$
61,936

 
$
17,299

 
$
43,965

 
$
160,611

Fixed charges less unamortized capitalized interest
 
11,539

 
45,450

 
44,903

 
41,910

 
60,257

 
71,330

Earnings from continuing operations before fixed charges
 
$
94,914

 
$
90,144

 
$
106,839

 
$
59,209

 
$
104,222

 
$
231,941

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
 
$
4,717

 
$
33,938

 
$
33,573

 
$
30,497

 
$
48,747

 
$
61,247

Capitalized interest, net of amortization
 
4,501

 
6,909

 
575

 
380

 
592

 
475

Estimated interest within rental expense
 
6,822

 
11,512

 
11,330

 
11,413

 
11,510

 
10,083

Total fixed charges
 
$
16,040

 
$
52,359

 
$
45,478

 
$
42,290

 
$
60,849

 
$
71,805

Ratio of earnings to fixed charges
 
5.92

 
1.72

 
2.35

 
1.40

 
1.71

 
3.23

For purposes of determining the ratio of earnings to fixed charges, earnings are defined as pre-tax income from continuing operations plus the following (a) fixed charges, and (b) amortization of capitalized interest, less interest capitalized. Fixed charges consist of interest expensed and capitalized plus (a) amortized discounts and capitalized expenses related to indebtedness, and (b) an estimate of the interest within rental expense.