Exhibit 12.1
Thermon Group Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio data)
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|
Predecessor |
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Predecessor |
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Successor |
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|
2010 |
|
Year Ended March 31 |
|
2012 |
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Earnings |
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Income (loss) from continuing operations before provision for income taxes |
|
$ |
32,906 |
|
$ |
(26,481 |
) |
$ |
19,498 |
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Plus: Fixed Charges |
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Interest expense and amortization of premiums/discounts (a) |
|
7,357 |
|
29,000 |
|
19,462 |
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|
Estimated interest component of rental expense |
|
566 |
|
677 |
|
739 |
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Total Fixed Charges |
|
$ |
7,923 |
|
$ |
29,677 |
|
$ |
20,201 |
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Less: |
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Pre tax income from continuing operations plus fixed charges |
|
$ |
40,829 |
|
$ |
3,196 |
|
$ |
39,699 |
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Ratio of Earnings to Fixed Charges |
|
5.2x |
|
nm |
(b) |
2.0x |
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(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 by $56.2 million 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.