EX-12.1 3 a2184788zex-12_1.htm EXHIBIT 12.1
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EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

CLEAN HARBORS, INC. AND SUBSIDIARIES

 
  For the Year Ended December 31,
 
 
  2007
  2006
  2005
  2004
  (Restated)
2003

 
 
  (Dollars in thousands)

 
Income (loss) from operations before income taxes   $ 72,238   $ 52,953   $ 29,116   $ 8,643   $ (12,212 )
Add (subtract):                                
  Capitalized interest     (1,179 )   (682 )   (91 )   (1,922 )    
  Amortization of capitalized interest     435     294     246     24      
  Fixed charges (see calculation below)     22,897     20,259     26,803     31,985     29,496  
   
 
 
 
 
 
Income (loss) from operations before income taxes as adjusted   $ 94,391   $ 72,824   $ 56,074   $ 38,730   $ 17,284  
   
 
 
 
 
 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense, net   $ 13,157   $ 12,447   $ 22,754   $ 22,297   $ 23,724  
  Interest income     4,023     3,589     1,403     692     1,003  
  Capitalized interest     1,179     682     91     1,922      
  Amortization of capitalized interest     (435 )   (294 )   (246 )   (24 )    
  Preferred stock dividend     332     314     317     5,684     3,063  
  Portion of the operating lease rental expense deemed to be representative of the interest factor     4,641     3,521     2,484     1,414     1,706  
   
 
 
 
 
 
Fixed charges   $ 22,897   $ 20,259   $ 26,803   $ 31,985   $ 29,496  
   
 
 
 
 
 

Ratio of earnings to fixed charges(1)

 

 

4.1

x

 

3.6

x

 

2.1

x

 

1.2

x

 

0.6

x

(1)
During the year ended December 31, 2003, earnings were not sufficient to cover fixed charges and the deficiency for the year was $12.2 million.



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