EX-12.1 4 d401057dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

FLOWSERVE CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year ended December 31,    

Six months

ended June

 
     2007     2008     2009     2010     2011     30, 2012  
     (Amounts in thousands, except ratios)  

Earnings before income taxes and noncontrolling interest

   $ 362,042      $ 592,940      $ 584,791      $ 530,277      $ 587,755      $ 277,123   

Equity adjustments:

            

Deduct undistributed income from affiliates

     (11,114     (7,780     (3,877     (10,350     (5,200     (7,512

Less noncontrolling interest of subsidiaries that have not incurred fixed charges

     (742     (1,185     (251     (173     (482     (168

Fixed charges:

            

Interest, including amortization of debt issuance costs

     60,119        51,293        40,005        34,301        36,181        17,731   

Interest portion of rental expense(1)

     18,568        21,529        22,197        22,359        23,561        12,025   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     78,687        72,822        62,202        56,660        59,742        29,756   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before income taxes and fixed charges

   $ 428,873      $ 656,797      $ 642,865      $ 576,414      $ 641,815      $ 299,199   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     5.5x        9.0x        10.3x        10.2x        10.7x        10.1x   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Interest portion of rental expense represents one-third of rental expense, which we deem to be a reasonable approximation of the interest factor.