EX-12.1 2 c97389exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1
American Railcar Industries, Inc.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
                                         
    Years ended December 31,  
    2009     2008     2007     2006     2005  
Earnings:
                                        
Earnings before income tax expense
   $ 22,026     $ 49,785     $ 59,368     $ 55,956     $ 24,124  
Loss (income) from joint venture
     6,797       (718 )     (881 )     734       (610 )
Fixed charges
     21,679       21,169       18,303       2,727       7,163  
 
                              
Total earnings
   $ 50,502     $ 70,236     $ 76,790     $ 59,417     $ 30,677  
 
                                        
Fixed charges:
                                        
Interest expense (including amortized premiums, discounts and capitalized expenses relating to indebtedness)
   $ 20,909     $ 20,299     $ 17,027     $ 1,372     $ 4,846  
Estimate of interest within rental expense (1)
     770       870       1,276       1,355       2,317  
 
                              
Total fixed charges
   $ 21,679     $ 21,169     $ 18,303     $ 2,727     $ 7,163  
 
                                        
Ratio of earnings to fixed charges
     2.33       3.32       4.20       21.79       4.28  
     
(1)   Deemed to represent one-third of rental expense on operating leases.