AIRGAS INC - FORM 10-K - EX-12 - COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES - May 10, 2016

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EX-21 - SUBSIDIARIES OF THE COMPANY - AIRGAS INCarg-33116xform10xkex21.htm
10-K - AIRGAS, INC. FORM 10-K - AIRGAS INCarg-33116form10xk.htm
10-K - AIRGAS, INC. FORM 10-K PDF - AIRGAS INCarg33116form10k.pdf
EX-10.4 - DCPII AMENDED AND RESTATED PLAN DOCUMENT - AIRGAS INCdcpiiplandocumentex104.htm
EX-10.5 - DCPII AMENDMENT NO. 1 TO AMENDED AND RESTATED PLAN - AIRGAS INCdcpiiamendmentno1ex105.htm
EX-10.14 - SECOND AMENDMENT TO AMENDED AND RESTATED ESPP - AIRGAS INCesppamendmentno2ex1014.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - AIRGAS INCarg-33116xform10xkex23.htm
EX-31.1 - SECTION 302 EXECUTIVE CHAIRMAN CERTIFICATION - AIRGAS INCarg-33116xform10xkex311.htm
EX-31.2 - SECTION 302 CEO CERTIFICATION - AIRGAS INCarg-33116xform10xkex312.htm
EX-31.3 - SECTION 302 CFO CERTIFICATION - AIRGAS INCarg-33116xform10xkex313.htm
EX-32.1 - SECTION 906 EXECUTIVE CHAIRMAN CERTIFICATION - AIRGAS INCarg-33116xform10xkex321.htm
EX-32.2 - SECTION 906 CEO CERTIFICATION - AIRGAS INCarg-33116xform10xkex322.htm
EX-32.3 - SECTION 906 CFO CERTIFICATION - AIRGAS INCarg-33116xform10xkex323.htm


Exhibit 12
AIRGAS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


(In thousands, except ratios)            
Ratio of Earnings to Fixed Charges
2012
 
2013
 
2014
 
2015
 
2016
EARNINGS COMPUTATION:
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
$
492,166

 
$
543,417

 
$
551,906

 
$
584,122

 
$
529,717

Fixed charges
103,227

 
105,651

 
112,005

 
105,066

 
106,636

 
$
595,393

 
$
649,068

 
$
663,911

 
$
689,188

 
$
636,353

Subtract:
 
 
 
 
 
 
 
 
 
Capitalized interest
(869
)
 
(594
)
 
(227
)
 
(1,028
)
 
(1,633
)
Earnings for purposes of computation
$
594,524

 
$
648,474

 
$
663,684

 
$
688,160

 
$
634,720

FIXED CHARGES COMPUTATION:
 
 
 
 
 
 
 
 
 
Interest (1)
$
69,715

 
$
70,670

 
$
75,588

 
$
65,219

 
$
63,733

Estimate of the interest component of rent expense
33,512

 
34,981

 
36,417

 
39,848

 
42,903

Fixed charges for purposes of computation
$
103,227

 
$
105,651

 
$
112,005

 
$
105,067

 
$
106,636

RATIO OF EARNINGS TO FIXED CHARGES
5.76X

 
6.14X

 
5.93X

 
6.55X

 
5.95X

 
 
 
 
 
 
 
 
 
 
(1) Includes interest expense, capitalized interest, amortization of capitalized financing costs and original issuance bond discounts, and discount on trade receivables securitization.
 
 
 
 
 
 
 
 
 
 





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