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EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS
LONE STAR TECHNOLOGIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS EXCEPT RATIOS)
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FOR THE SIX
FOR THE FISCAL YEAR ENDED DECEMBER 31, MONTHS ENDED
----------------------------------------------------------------- JUNE 30,
PRO FORMA -------------------
1995 1996 1997 1998 1999 1999 1999 2000
-------- -------- -------- -------- -------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIXED CHARGES:
Interest Expense and Capitalized,
including other debt related
costs.......................... $ 8,700 $ 6,800 $ 6,600 $ 4,000 $ 4,600 $10,856 $ 1,900 $ 6,900
Capitalized Interest and other
debt related costs............. $ 702 $ 673 $ 153 $ 808 $ 556 $ 556 $ 211 $ 317
Interest Element of rentals...... $ 1,200 $ 1,200 $ 1,300 $ 1,200 $ 1,200 $ 1,238 $ 600 $ 617
Total Fixed Charges............ $10,602 $ 8,673 $ 8,053 $ 6,008 $ 6,356 $12,650 $ 2,711 $ 7,834
EARNINGS AVAILABLE TO COVER FIXED
CHARGES
Net Income....................... $ 9,600 $24,900 $ 53,700 $(24,900) $(5,500) $ 4,618 $(11,400) $15,900
Add(deduct):
Extraordinary Items............ $ -- $ -- $ (900) $ (7,400) $ -- $ -- $ -- $ --
Discontinued Operations........ $ -- $ -- $(12,400) $ -- $ -- $ -- $ -- $ --
Income Taxes................... $ -- $ 600 $ 900 $ -- $ -- $ 117 $ -- $ 800
Fixed Charges excluding
capitalized interest........... $10,302 $ 8,273 $ 8,053 $ 6,008 $ 6,356 $12,650 $ 2,711 $ 7,834
Total Earnings Available to
Cover Fixed Charges.......... $19,902 $33,773 $ 49,353 $(26,292) $ 856 $17,385 $ (8,689) $24,534
RATIO OF EARNINGS TO FIXED
CHARGES........................ 1.88 3.89 6.13 -4.38 0.13 1.37 -3.21 3.13
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Historical earnings were inadequate to cover fixed charges by $32.3 million
in the fiscal year ended 1998 and by $11.4 million for the six months ended
June 30, 1999.
