EX-12 4 arg-33114x10xkex12.htm COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES ARG - 3.31.14 - 10-K EX. 12


Exhibit 12
AIRGAS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


(In thousands, except ratios)            
Ratio of Earnings to Fixed Charges
2010
 
2011
 
2012
 
2013
 
2014
EARNINGS COMPUTATION:
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
$
314,046

 
$
406,933

 
$
492,166

 
$
543,417

 
$
551,906

Fixed charges
107,843

 
98,542

 
103,227

 
105,651

 
112,005

 
$
421,889

 
$
505,475

 
$
595,393

 
$
649,068

 
$
663,911

Subtract:
 
 
 
 
 
 
 
 
 
Capitalized interest
(2,873
)
 
(2,336
)
 
(869
)
 
(594
)
 
(227
)
Earnings for purposes of computation
$
419,016

 
$
503,139

 
$
594,524

 
$
648,474

 
$
663,684

FIXED CHARGES COMPUTATION:
 
 
 
 
 
 
 
 
 
Interest (1)
$
74,312

 
$
65,055

 
$
69,715

 
$
70,670

 
$
75,588

Estimate of the interest component of rent expense
33,531

 
33,487

 
33,512

 
34,981

 
36,417

Fixed charges for purposes of computation
$
107,843

 
$
98,542

 
$
103,227

 
$
105,651

 
$
112,005

RATIO OF EARNINGS TO FIXED CHARGES
3.89X

 
5.11X

 
5.76X

 
6.14X

 
5.93X

 
 
 
 
 
 
 
 
 
 
(1) Includes interest expense, capitalized interest, amortization of capitalized financing costs and original issuance bond discounts, and discount on trade receivables securitization.