Exhibit 12.1
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EXHIBIT 12.1
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MAY & XXXX, INC.
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COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
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(Amounts in thousands of dollars)
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1993 1994 1995 1996 1997 12/31/96 12/31/97 (A)
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Pretax income $5,609 $ 9,528 $12,526 $16,498 $18,898 $3,818 $ 1,055
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Fixed charges:
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Interest expense 1,974 1,693 1,543 1,843 2,618 577 756
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Rental expense - 33% 1,607 2,113 2,881 3,904 3,837 939 913
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Total fixed charges 3,581 3,806 4,424 5,747 6,455 1,516 1,669
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Earnings before income
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taxes and fixed charges $9,190 $13,334 $16,950 $22,245 $25,353 $5,334 $2,724
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Ratio of earnings to fixed
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charges 2.6 3.5 3.8 3.9 3.9 3.5 1.6
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(A) Included in earnings for the three months ended December 31, 1997, was a one-time
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restructuring charge of $4,700 before income taxes ($2,900 after taxes) relating to
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payments made under existing contracts to prior members of management as disclosed
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in Note 11 to the Company's consolidated financial statements. Excluding this
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charge, the ratio of earnings to fixed charges would have been 4.8.
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