EX-12.1 10 0010.txt COMPUTATION OF RATIO EARNINGS EXHIBIT 12.1 METALDYNE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS)
FOR THE YEARS ENDED DECEMBER 31 --------------------------------------------------------- 2000 1999 1998 1997 1996 ---------- ---------- ---------- ---------- ---------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income from continuing operations before income taxes and cumulative effect of accounting change, net.................. $ 92,720 $139,470 $144,520 $190,290 $ 77,220 Deduct equity in undistributed earnings of less-than-fifty percent owned companies............................... (9,180) (9,800) (8,530) (46,030) (31,650) Add interest on indebtedness, net ....... 91,730 83,470 83,620 36,650 30,350 Add amortization of debt expense ........ 5,030 2,740 3,250 900 1,490 Estimated interest factor for rentals ... 3,480 3,710 3,620 2,100 6,350 ---------- ---------- ---------- ---------- ---------- Earnings before income taxes and fixed charges................................. $183,780 $219,590 $226,480 $183,910 $ 83,760 ========== ========== ========== ========== ========== FIXED CHARGES: Interest on indebtedness, net............ $ 91,990 $ 83,760 $ 84,080 $ 36,770 $ 30,590 Amortization of debt expense............. 5,030 2,740 3,250 900 1,490 Estimated interest factor for rentals ... 3,480 3,710 3,620 2,100 6,350 ---------- ---------- ---------- ---------- ---------- Total fixed charges.................... 100,500 90,210 90,950 39,770 38,430 ---------- ---------- ---------- ---------- ---------- Preferred stock dividend requirement (a)..................................... 650 -- -- 10,300 21,570 ---------- ---------- ---------- ---------- ---------- Combined fixed charges and preferred stock dividends......................... $101,150 $ 90,210 $ 90,950 $ 50,070 $ 60,000 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES ...... 1.8 2.4 2.5 4.6 2.2 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS .. 1.8 2.4 2.5 3.7 1.4 ========== ========== ========== ========== ==========
------------ (a) Represents amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company and its 50 percent owned companies.