EX-12.1 2 ex12120130831.htm EXHIBIT 12.1 EX 12.1 2013.08.31





EXHIBIT 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
TEXAS INDUSTRIES, INC. AND SUBSIBIARIES


 
 
 
 
 
 
 
 
 
Three Months ended
 
 
 
 
 
 
 
August 31,
August 31,
 
 
Year Ended May 31,
In Thousands except ratios
2013
2012
 
2013
2012
2011
2010
2009
Earnings
 
 
 
 
 
 
 
 
Income (loss) from continuing
operations before income taxes and
changes in accounting principles
$
599

$
(7,533
)
 
$
(24,260
)
$
287

$
(113,349
)
$
(71,130
)
$
(44,973
)
Fixed charges
18,726

18,183

 
73,905

72,724

70,770

57,544

54,040

Amortization of capitalized interest
1,684

578

 
2,314

2,314

2,314

2,314

2,314

Less: Interest capitalized
—

(9,310
)
 
(36,535
)
(33,685
)
(18,694
)
—

(14,394
)
Adjusted earnings (loss)
$21,009
$1,918
 
$
15,424

$
41,640

$
(58,959
)
$
(11,272
)
$
(3,013
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
Interest expense
$
16,849

$
7,261

 
$
30,744

$
32,587

$
43,975

$
45,434

$
28,418

Interest capitalized
—

9,310

 
36,535

33,685

18,694

—

14,394

Net amortization of debt discount,
premium and issuance expense
522

517

 
2,063

2,248

3,608

6,807

4,868

Interest portion of rent expense
1,356

1,095

 
4,563

4,204

4,493

5,303

6,360

Total fixed charges
$18,727
$18,183
 
$
73,905

$
72,724

$
70,770

$
57,544

$
54,040

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.12

0.11

 
0.21

0.57

—

—

—

 
 
 
 
 
 
 
 
 
Deficiency of earnings to cover fixed charges
$
—

$
16,265

 
$
58,481

$
31,084

$
129,729

$
68,816

$
57,053