Exhibit 12.1

 

Thermon Group Holdings, Inc.

Computation of Ratios of Earnings to Fixed Charges

(amounts in thousands of dollars, except ratio data)

 

 

 

 

 

Pre-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Predecessor/

 

 

 

 

 

Predecessor/

 

Predecessor/

 

 

 

 

 

Pre-

 

Predecessor

 

 

 

 

 

Successor

 

Successor

 

 

 

 

 

Predecessor

 

Combined

 

Predecessor

 

Combined

 

Combined

 

Successor

 

 

 

Fiscal Year Ended March 31,

 

Nine Months Ended December 31,

 

 

 

2007

 

2008

 

2009

 

2010

 

2011

 

2010

 

2011

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before provision for income taxes

 

$

16,157

 

$

699

 

$

28,196

 

$

32,906

 

$

(26,481

)

$

(27,734

)

$

9,075

 

Plus: Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of premiums/discounts (a)

 

882

 

8,374

 

9,625

 

7,357

 

29,000

 

23,940

 

16,023

 

Estimated interest component of rental expense

 

590

 

574

 

535

 

566

 

677

 

500

 

548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

1,472

 

$

8,948

 

$

10,160

 

$

7,923

 

$

29,677

 

24,440

 

16,571

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre tax income from continuing operations plus fixed charges

 

$

17,629

 

$

9,647

 

$

38,356

 

$

40,829

 

$

3,196

 

(3,294

)

25,646

 

Ratio of Earnings to Fixed Charges

 

12.0

x

1.1

x

3.8

x

5.2

x

nm

(b)

nm

(b)

1.6

x

 


(a)

The Company considers one-third of rent expense to be a reasonable estimate of the related interest expense.

(b)

Earnings were insufficient to cover fixed charges in the fiscal year ended March 31, 2011 and the nine months ended December 31, 2010 by $56.2 million and $52.2 million, respectively, due to increased interest and amortization expenses, financing fees and other non-recurring expenses related to the acquisition of a controlling interest in the Company by an investor group led by our private equity sponsors, which was completed on April 30, 2010.