Exhibit 12.1
Textainer Group Holdings Limited and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(All currency expressed in United States dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||||||
Nine Months Ended September 30, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Income before taxes | $ | 83,203 | $ | 94,247 | $ | 84,370 | $ | 74,515 | $ | 60,580 | $ | 67,641 | ||||||||||||
Add back: Fixed charges (A) | 15,734 | 22,321 | 27,168 | 23,274 | 17,363 | 19,070 | ||||||||||||||||||
Calculated earnings | $ | 98,937 | $ | 116,568 | $ | 111,538 | $ | 97,789 | $ | 77,943 | $ | 86,711 | ||||||||||||
(A) Fixed Charges Calculation: | ||||||||||||||||||||||||
Interest expense | $ | 11,493 | $ | 11,750 | $ | 26,227 | $ | 37,094 | $ | 33,083 | $ | 27,491 | ||||||||||||
Realized losses (gains) on interest rate swaps and caps, net | 7,399 | 14,608 | 5,986 | (3,204 | ) | (2,848 | ) | 4,153 | ||||||||||||||||
Interest expense portion of rental expense (B) | 397 | 552 | 547 | 482 | 465 | 443 | ||||||||||||||||||
Impact of fixed charges on net income attributable to the noncontrolling interest | (3,555 | ) | (4,589 | ) | (5,592 | ) | (11,098 | ) | (13,337 | ) | (13,017 | ) | ||||||||||||
Total fixed charges | $ | 15,734 | $ | 22,321 | $ | 27,168 | $ | 23,274 | $ | 17,363 | $ | 19,070 | ||||||||||||
Fixed charges exclude capitalized interest; capitalized interest is zero | ||||||||||||||||||||||||
Ratio: Earnings/Fixed Charges | 6.29 | 5.22 | 4.11 | 4.20 | 4.49 | 4.55 | ||||||||||||||||||
(B) Interest expense portion of rental expense is estimated as follows: | ||||||||||||||||||||||||
Rent expense - office | $ | 1,190 | $ | 1,655 | $ | 1,642 | $ | 1,445 | $ | 1,396 | $ | 1,330 | ||||||||||||
Estimated interest portion | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | ||||||||||||
Calculated interest expense portion of rental expense | $ | 397 | $ | 552 | $ | 547 | $ | 482 | $ | 465 | $ | 443 |