Exhibit 12.1
LSB Industries, Inc.
Unaudited Computation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
| 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||
| Income from continuing operations before provisions for income taxes and equity in earnings of affiliate |
$ | 35,877 | $ | 48,499 | $ | 129,649 | $ | 91,699 | $ | 90,126 | ||||||||||
| Add: |
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| Fixed charges |
8,001 | 7,254 | 6,548 | 5,365 | 19,027 | |||||||||||||||
| Amortization of capitalized interest |
— | — | — | 1 | 26 | |||||||||||||||
| Share of distributed income of 50% owned affiliate |
785 | 825 | 1,649 | 1,782 | 1,719 | |||||||||||||||
| Less: |
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| Interest capitalized |
— | — | — | (398 | ) | (3,959 | ) | |||||||||||||
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| Adjusted earnings |
$ | 44,663 | $ | 56,578 | $ | 137,846 | $ | 98,449 | $ | 106,939 | ||||||||||
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| Fixed charges: |
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| Interest expense, net (1) |
$ | 6,016 | $ | 5,900 | $ | 4,733 | $ | 3,715 | $ | 13,953 | ||||||||||
| Interest capitalized |
— | — | — | 398 | 3,959 | |||||||||||||||
| Estimate of interest in rental expense |
1,985 | 1,354 | 1,815 | 1,252 | 1,115 | |||||||||||||||
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| Fixed charges |
8,001 | 7,254 | 6,548 | 5,365 | 19,027 | |||||||||||||||
| Preferred stock dividends |
519 | 509 | 473 | 472 | 493 | |||||||||||||||
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| Combined fixed charges and preferred stock dividends |
$ | 8,520 | $ | 7,763 | $ | 7,021 | $ | 5,837 | $ | 19,520 | ||||||||||
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| Ratio of earnings to fixed charges |
5.6 | 7.8 | 21.1 | 18.4 | 5.6 | |||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
5.2 | 7.3 | 19.6 | 16.9 | 5.5 | |||||||||||||||
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| (1) | Interest expense includes amortization of deferred debt issuance costs and excludes realized and unrealized gains or losses on interest rate financial instruments that are reported as interest expense. |