Attached files
| file | filename |
|---|---|
| EX-21 - EXHIBIT 21 - HARSCO CORP | hsc-ex21q4.htm |
| EX-23 - EXHIBIT 23 - HARSCO CORP | hsc-ex23_2015q4.htm |
| EX-32 - EXHIBIT 32 - HARSCO CORP | hsc-ex32_2015q4.htm |
| EX-31.2 - EXHIBIT 31.2 - HARSCO CORP | hsc-ex312_2015q4.htm |
| EX-31.1 - EXHIBIT 31.1 - HARSCO CORP | hsc-ex311_2015q4.htm |
| 10-K - 10-K - HARSCO CORP | hsc-201510k.htm |
Exhibit 12
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
YEARS ENDED DECEMBER 31 | ||||||||||||||||||||
(In thousands) | 2015 (a) | 2014 (a) | 2013 (a) | 2012 (a) | 2011 (a) | |||||||||||||||
Pre-tax income from continuing operations attributable to Harsco shareholders | $ | 34,846 | $ | 8,085 | $ | (199,381 | ) | (b) | $ | (227,211 | ) | (c) | $ | 41,172 | ||||||
Add: Consolidated Fixed Charges computed below | 62,720 | 67,181 | 78,637 | 80,073 | 86,608 | |||||||||||||||
Net adjustments for unconsolidated entities | (147 | ) | 1,558 | (1,511 | ) | (256 | ) | (464 | ) | |||||||||||
Net adjustments for capitalized interest | 466 | (46 | ) | 53 | 128 | 165 | ||||||||||||||
Consolidated Earnings Available for Fixed Charges | $ | 97,885 | $ | 76,778 | $ | (122,202 | ) | (b) | $ | (147,266 | ) | (c) | $ | 127,481 | ||||||
Consolidated Fixed Charges: | ||||||||||||||||||||
Interest expense per financial statements (d) | $ | 46,804 | $ | 47,111 | $ | 49,654 | $ | 47,381 | $ | 48,735 | ||||||||||
Interest expense capitalized | — | 541 | 577 | 476 | 250 | |||||||||||||||
Portion of rentals (1/3) representing a reasonable approximation of the interest factor | 15,916 | 19,529 | 28,406 | 32,216 | 37,623 | |||||||||||||||
Consolidated Fixed Charges | $ | 62,720 | $ | 67,181 | $ | 78,637 | $ | 80,073 | $ | 86,608 | ||||||||||
Consolidated Ratio of Earnings to Fixed Charges | 1.56 | 1.14 | — | (b)(e) | — | (c) (f) | 1.47 | |||||||||||||
(a) | Does not include interest related to uncertain tax position obligations. |
(b) | During 2013, the Company recorded a $272.3 million, non-cash pre-tax long-lived asset impairment charge, or $3.17 per basic and diluted share. |
(c) | In the fourth quarter of 2012, the Company incurred a $265.0 million, pre-tax goodwill impairment charge, or $3.29 per basic and diluted share. |
(d) | Includes amortization of debt discount. |
(e) | For the year ended December 31, 2013, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $200.8 million to achieve a coverage of 1:1. |
(f) | For the year ended December 31, 2012, the ratio coverage was less that 1:1. We would have needed to generate additional earnings of $227.3 million to achieve a coverage of 1:1. |