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Exhibit 12.1
Ferro Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
                                                 
    Six months        
    ended June 30,     Year ended December 31,  
    2010     2009     2008     2007     2006     2005  
    (dollars in thousands)  
Earnings:
                                               
Pretax income from continuing operations before adjustment for income or loss from equity investees
  $ 29,143     $ (43,894 )   $ (57,301 )   $ (117,938 )   $ 17,198     $ 20,521  
Add:
                                               
Fixed charges
    27,554       66,676       55,528       63,381       66,657       47,586  
Amortization of capitalized interest
    25       92       133       562       502       389  
Distributed income of equity investees
    148       700       721       1,485       1,590       1,069  
Less:
                                               
Capitalized interest
    446       1,607       1,761       2,271       1,136       71  
 
                                               
 
                                   
Total Earnings
  $ 56,424     $ 21,967     $ (2,680 )   $ (54,781 )   $ 84,811     $ 69,494  
 
                                   
 
                                               
Fixed Charges:
                                               
Interest expense and capitalized interest, including amortization of discounts and capitalized expenses on debt
  $ 27,123     $ 65,525     $ 54,577     $ 61,961     $ 65,563     $ 46,990  
Estimate of the interest within rental expense
    431       1,151       951       1,420       1,094       596  
 
                                   
Total Fixed Charges
  $ 27,554     $ 66,676     $ 55,528     $ 63,381     $ 66,657     $ 47,586  
 
                                   
 
                                               
Ratio of Earnings to Fixed Charges
    2.05                         1.27       1.46  
 
                                   
Note:
Total earnings were insufficient to cover the fixed charges by $44.7 million, $58.2 million and $118.2 million for the years ended December 31, 2009, 2008 and 2007, respectively. Accordingly, such ratios are not presented.
Fixed charges are equal to interest expense (including amortization of deferred financing costs and costs associated with the Company’s asset securitization program), plus the portion of rent expense estimated to represent interest. Costs associated with the Company’s asset securitization program were $1.6 million in the six months ended June 30, 2010, and $3.4 million, $5.8 million, $7.0 million, $5.6 million and $3.9 million in the years ended December 31, 2009, 2008, 2007, 2006 and 2005, respectively.