Exhibit 12.1
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31
Amounts in Thousands
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31
Amounts in Thousands
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense before capitalization credits (1) | $ | 185,176 | $ | 53,348 | $ | 31,310 | $ | 39,080 | $ | 42,260 | ||||||||||
Amortization of financing costs | 1,880 | 249 | 363 | 711 | 611 | |||||||||||||||
One-third of rental expense | 30,800 | 27,358 | 27,240 | 22,520 | 16,553 | |||||||||||||||
Total fixed charges | $ | 217,856 | $ | 80,955 | $ | 58,913 | $ | 62,311 | $ | 59,424 | ||||||||||
Earnings from continuing operations before income taxes | $ | 75,058 | $ | 667,502 | $ | 703,461 | $ | 480,237 | $ | 375,566 | ||||||||||
Minority interest in earnings (losses) of a consolidated subsidiary | (283 | ) | 151 | 0 | 0 | 0 | ||||||||||||||
Fixed charges | 217,856 | 80,955 | 58,913 | 62,311 | 59,424 | |||||||||||||||
Capitalized interest credits | (14,243 | ) | (5,130 | ) | (5,000 | ) | (1,934 | ) | (1,980 | ) | ||||||||||
Amortization of capitalized interest | 2,147 | 2,777 | 1,241 | 1,054 | 839 | |||||||||||||||
Earnings before income taxes as adjusted | $ | 280,535 | $ | 746,255 | $ | 758,615 | $ | 541,668 | $ | 433,849 | ||||||||||
Ratio of earnings to fixed charges | 1.3 | 9.2 | 12.9 | 8.7 | 7.3 |
(1) | Does not include interest cost accrued on FIN 48 (FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109”) liabilities, which are included in our income tax provision for financial statement presentation purposes. The decision to exclude FIN 48 interest cost is primarily based on the fact that such accrued interest is not a current or predictable cash flow item. |