EX-12.1 3 dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

EXHIBIT 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

TEXAS INDUSTRIES, INC. AND SUBSIDIARIES

 

     Three Months ended
August 31,
    Year Ended May 31,

In thousands except ratios

   2007     2006     2007     2006     2005    2004    2003

Earnings

                

Income (loss) from continuing operations before income taxes and changes in accounting principles

   $ 26,087     $ 43,265     $ 150,491     $ (8,814 )   $ 62,255    $ 59,096    $ 40,650

Fixed charges

     7,455       8,630       32,515       38,929       30,044      31,240      21,058

Amortization of capitalized interest

     275       275       1,100       1,100       1,100      1,100      1,100

Less: Interest capitalized

     (6,090 )     (1,760 )     (12,855 )     (1,526 )     —        —        —  
                                                    

Adjusted earnings

   $ 27,727     $ 50,410     $ 171,251     $ 29,689     $ 93,399    $ 91,436    $ 62,808
                                                    

Fixed charges

                

Interest expensed and capitalized

   $ 5,781     $ 6,955     $ 25,574     $ 31,229     $ 21,824    $ 21,012    $ 11,025

Net amortization of debt discount, premium and issuance expense

     309       347       1,355       1,452       1,709      3,090      3,802

Interest portion of rent expense

     1,365       1,328       5,586       6,248       6,511      7,138      6,231
                                                    

Total fixed charges

   $ 7,455     $ 8,630     $ 32,515     $ 38,929     $ 30,044    $ 31,240    $ 21,058
                                                    

Ratio of earnings to fixed charges

     3.72       5.84       5.27       .76       3.11      2.93      2.98
                                                    

Deficiency of earnings to cover fixed charges

   $ —       $ —       $ —       $ 9,240     $ —      $ —      $ —