EX-12.1 4 dex121.txt STATEMENTS RE COMPUTATION OF EARNINGS Exhibit 12.1 POPE & TALBOT, INC. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS)
Years ended December 31, Six Months ended June 30, -------------------------------------------------- ------------------------- 2001 2000 1999 1998 1997 2002 2001 --------- -------- -------- --------- -------- ------- -------- Available Earnings Pretax income from continuing operations before minority interest and cumulation effect of accounting change, interest expense, and amortization of debt expense and capitalized interest $ (28,686) $ 67,956 $ 35,891 $ (28,474) $ 16,887 $ (171) $ (6,291) Add interest portion of rent expense 1,350 1,516 1,267 1,081 712 697 617 Less capitalized interest (105) (1,205) (423) (341) (3) (24) (90) --------- -------- -------- --------- -------- ------- -------- Available earnings from continuing operations before minority interest and cumulative effect of accounting change $ (27,441) $ 68,267 $ 36,735 $ (27,734) $ 17,596 $ 502 $ (5,764) ========= ======== ======== ========= ======== ======= ======== Fixed Charges: Interest expense incurred $ 13,926 $ 12,000 $ 12,393 $ 11,679 $ 7,911 $ 7,948 $ 6,274 --------- -------- -------- --------- -------- ------- -------- Amortization of debt expense 15 15 15 15 15 8 8 --------- -------- -------- --------- -------- ------- -------- Rent expense 4,051 4,548 3,801 3,243 2,136 2,092 1,852 Interest portion of rent expense 1,350 1,516 1,267 1,081 712 697 617 --------- -------- -------- --------- -------- ------- -------- Fixed charges $ 15,291 $ 13,531 $ 13,675 $ 12,775 $ 8,638 $ 8,653 $ 6,899 ========= ======== ======== ========= ======== ======= ======== Ratio of earnings to fixed charges * 5.1x 2.7x * 2.0x * * ========= ======== ======== ========= ======== ======= ======== * Deficiency of fixed charge coverage $ 42,732 $ 40,509 $ 8,151 $ 12,663 ========= ========= ======= ========
POPE & TALBOT, INC. COMPUTATION OF PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS) Year ended Six Months ended December 31, 2001 June 30, 2002 ----------------- ---------------- Available Earnings Pretax income from continuing operations before minority interest and cumulation effect of accounting change, interest expense, and amortization of debt expense and capitalized interest $ (28,686) $ (171) Add interest portion of rent expense 1,350 697 Less capitalized interest (105) (24) ---------- -------- Available earnings from continuing operations before minority interest and cumulative effect of accounting change $ (27,441) $ 502 ========== ======== Fixed Charges: Interest expense incurred $ 16,481 $ 9,850 ---------- -------- Amortization of debt expense 15 8 ---------- -------- Rent expense 4,051 2,092 Interest portion of rent expense 1,350 697 ---------- -------- Fixed charges $ 17,846 $10,555 ========== ======== Ratio of earnings to fixed charges * * ========== ======== * Deficiency of fixed charge coverage $ 45,287 $10,053 ========== ========