Exhibit 12.2
Thermon Holding Corp.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio data)
|
|
|
Predecessor |
|
Predecessor |
|
Successor |
| |||
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|
|
2010 |
|
Year Ended March 31 |
|
2012 |
| |||
|
Earnings |
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|
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|
|
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|
|
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Income (loss) from continuing operations before provision for income taxes |
|
$ |
32,906 |
|
$ |
(26,481 |
) |
$ |
19,498 |
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|
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Plus: Fixed Charges |
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|
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|
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|
|
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Interest expense and amortization of premiums/discounts (a) |
|
7,357 |
|
29,200 |
|
19462 |
| |||
|
Estimated interest component of rental expense |
|
566 |
|
677 |
|
739 |
| |||
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|
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Total Fixed Charges |
|
$ |
7,923 |
|
$ |
29,677 |
|
$ |
20,201 |
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|
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Less: |
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|
|
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|
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Pre tax income from continuing operations plus fixed charges |
|
$ |
40,829 |
|
$ |
3,196 |
|
$ |
39,699 |
|
|
|
|
|
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|
|
|
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Ratio of Earnings to Fixed Charges |
|
5.2 |
x |
nm |
(b) |
2.0 |
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 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.