EX-12.1 7 file006.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.1 METALDYNE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS)
11/28 - 1/1 - 12/31 11/27 2001 2000 2000 1999 1998 1997 --------- --------- --------- --------- --------- --------- EARNINGS (LOSS) BEFORE INCOME TAXES (CREDIT) AND FIXED CHARGES: Income from continuing operations before income taxes and cumulative effect of accounting change, net ...................... $ (47,930) $ (42,600) $ 156,670 $ 139,470 $ 144,520 $ 190,290 Deduct equity in undistributed earnings of less-than-fifty percent owned companies ..... (8,930) 1,000 (14,210) (9,800) (8,530) (46,030) Add interest on indebtedness, net .............. 148,560 14,470 78,880 83,470 83,620 36,650 Add amortization of debt expense ............... 11,620 550 4,490 2,740 3,250 900 Estimated interest factor for rentals .......... 9,730 310 2,970 3,710 3,620 2,100 --------- --------- --------- --------- --------- --------- Earnings before income taxes and fixed charges ........................................ $ 113,050 $ (26,270) $ 228,800 $ 219,590 $ 226,480 $ 183,910 ========= ========= ========= ========= ========= ========= FIXED CHARGES: Interest on indebtedness, net .................. $ 148,560 $ 14,460 $ 78,640 $ 83,760 $ 84,080 $ 36,770 Amortization of debt expense ................... 11,620 550 4,490 2,740 3,250 900 Estimated interest factor for rentals .......... 9,730 310 2,970 3,710 3,620 2,100 --------- --------- --------- --------- --------- --------- Total fixed charges ....................... 169,910 15,320 86,100 90,210 90,950 39,770 Preferred stock dividend requirement (a) ....... 9,750 650 -- -- -- 10,300 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends ...................................... $ 179,660 $ 15,970 $ 86,100 $ 90,210 $ 90,950 $ 50,070 ========= ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES ............. .7 (1.7) 2.7 2.4 2.5 4.6 ========= ========= ========= ========= ========= ========= RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS .................. .6 (1.6) 2.7 2.4 2.5 3.7 ========= ========= ========= ========= ========= =========
(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. (b) The one-month period ended December 31, 2000 results from operations are inadequate to cover combined fixed charges and preferred stock dividends by $(41,600). 64