EX-12.1 4 exhibit121q42016.htm EXHIBIT 12.1 Exhibit


 
 
 
 
 
 
 
 
 
 
EXHIBIT 12.1

COMMERCIAL VEHICLE GROUP, INC.
 
 
 
 
 
 
 
 
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
 
2016
 
2015
 
2014
 
2013
 
2012
EARNINGS
 
 
 
 
 
 
 
 
 
 
Pre-tax income from operations
 
$
6,834

 
$
16,819

 
$
12,762

 
$
(14,788
)
 
$
23,082

Fixed charges
 
21,432

 
23,621

 
23,230

 
23,724

 
23,938

Capitalized interest
 
—

 
—

 
—

 
—

 
—

Earnings available for fixed charges
 
$
28,266

 
$
40,440

 
$
35,992

 
$
8,936

 
$
47,020

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Interest expense (including debt issuance costs amortized to interest expense)
 
$
19,318

 
$
21,359

 
$
20,716

 
$
21,087

 
$
20,945

Capitalized interest
 
—

 
—

 
—

 
—

 
—

Interest component of rent expense 1
 
$
2,114

 
$
2,262

 
$
2,514

 
$
2,637

 
$
2,993

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
21,432

 
$
23,621

 
$
23,230

 
$
23,724

 
$
23,938

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges 
 
1.32

 
1.71

 
1.55

 
0.38

 
1.96

1 For purposes of calculating the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes and cumulative effect of change in accounting principles plus fixed charges. Fixed charges include interest expense (including amortization of deferred financing costs) and an estimate of operating rental expense, approximately 20%, which management believes is representative of the interest component.