EX-12 8 k58503ex12.txt COMPUTATION OF RATIO OF EARNINGS 1 EXHIBIT 12 MASCOTECH, INC. COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS)
9 MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31 SEP. 30, ---------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 ---- ---- ---- ---- ---- ---- EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: Income from continuing operations before income taxes and cumulative effect of accounting change, net ................. $ 115,350 $ 139,470 $ 144,520 $ 190,290 $ 77,220 $ 100,280 Deduct equity in undistributed earnings of less-than-fifty percent owned companies ..... (8,690) (9,800) (8,530) (46,030) (31,650) (29,590) Add interest on indebtedness, net ........... 64,640 80,660 81,280 36,650 30,350 51,500 Add amortization of debt expense ..................... 2,020 2,740 3,250 900 1,490 1,670 Estimated interest factor for rentals ................. 2,700 3,710 3,620 2,100 6,350 7,070 --------- --------- --------- --------- --------- --------- Earnings before income taxes and fixed charges ..... $ 176,020 $ 216,780 $ 224,140 $ 183,910 $ 83,760 $ 130,930 ========= ========= ========= ========= ========= ========= FIXED CHARGES: Interest on indebtedness, net ......................... $ 64,800 $ 80,950 $ 81,740 $ 36,770 $ 30,590 $ 51,690 Amortization of debt expense ..................... 2,020 2,740 3,250 900 1,490 1,670 Estimated interest factor for rentals ................. 2,700 3,710 3,620 2,100 6,350 7,070 --------- --------- --------- --------- --------- --------- Total fixed charges ....... 69,520 87,400 88,610 39,770 38,430 60,430 --------- --------- --------- --------- --------- --------- Preferred stock dividend requirement (a) ............. -- -- -- 10,300 21,570 21,970 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends ... $ 69,520 $ 87,400 $ 88,610 $ 50,070 $ 60,000 $ 82,400 ========= ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES ............... 2.5 2.5 2.5 4.6 2.2 2.2 === === === === === === RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ............. 2.5 2.5 2.5 3.7 1.4 1.6 === === === === === ===
(a) Represents amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company and its 50% owned companies. 14