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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 NINE
FOR THE FISCAL YEAR ENDED DECEMBER 31, MONTHS ENDED
----------------------------------------------------------------- SEPTEMBER 30,
PRO FORMA -------------------
1995 1996 1997 1998 1999 1999 1999 2000
-------- -------- -------- -------- -------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIXED CHARGES:
Interest Expense.................. $ 8,700 $ 6,800 $ 6,600 $ 4,000 $ 4,600 $10,856 $ 3,300 $10,600
Capitalized Interest and other
debt related costs.............. $ 702 $ 673 $ 153 $ 808 $ 556 $ 556 $ 406 $ 498
Interest Element of rentals....... $ 1,200 $ 1,200 $ 1,300 $ 1,200 $ 1,200 $ 1,238 $ 900 $ 924
Total Fixed Charges............. $10,602 $ 8,673 $ 8,053 $ 6,008 $ 6,356 $12,650 $ 4,606 $12,022
EARNINGS AVAILABLE TO COVER FIXED
CHARGES
Net Income........................ $ 9,600 $24,900 $ 53,700 $(24,900) $(5,500) $ 4,618 $(9,400) $26,300
Add(deduct):
Extraordinary Items............. $ -- $ -- $ (900) $ (7,400) $ -- $ -- $ -- $ --
Discontinued Operations......... $ -- $ -- $(12,400) $ -- $ -- $ -- $ -- $ --
Income Taxes.................... $ -- $ 600 $ 900 $ -- $ -- $ 117 $ -- $ 1,500
Fixed Charges excluding
capitalized interest............ $10,302 $ 8,273 $ 8,053 $ 6,008 $ 6,356 $12,650 $ 4,606 $11,922
Total Earnings Available to
Cover Fixed Charges........... $19,902 $33,773 $ 49,353 $(26,292) $ 856 $17,385 $(4,794) $39,722
RATIO OF EARNINGS TO FIXED
CHARGES......................... 1.88 3.89 6.13 (4.38) 0.13 1.37 (1.04) 3.30
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Historical earnings were inadequate to cover fixed charges by $32.3 million
in the fiscal year ended 1998 and by $9.4 million for the nine months ended
September 30, 1999.
