EX-12 5 file004.txt STATEMENT REGARDING COMPUTATION OF RATIOS TRIMAS EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS)
Nine Months Nine Months ended ended 9/29/2002 9/30/2001 --------- --------- EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: Income (loss) from continuing operations before income taxes $9,050 $(1,110) Deduct equity in undistributed earnings of less-than-fifty-percent owned companies -- -- Fixed charges 47,680 56,770 Deduct capitalized interest (30) (100) Depreciation of fixed charges 10 -- Estimated interest factor for rentals -- -- Earnings (loss) before income taxes and fixed charges $56,710 $55,560 FIXED CHARGES: Interest on indebtedness, net 46,090 55,410 Capitalized interest 30 100 Estimated interest factor for rentals 1,560 1,260 Total fixed charges 47,680 56,770 RATIO OF EARNINGS TO FIXED CHARGES 1.2 0.98(2)
For the Years Ended December 31, One Eleven Month Months ended ended 2001 12/31/00 11/28/00 1999 1998(1) 1997 ---- -------- -------- ---- ------- ---- EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: Income (loss) from continuing $(9,450) $(5,250) $42,190 $65,000 $49,910 $115,070 operations before income taxes Deduct equity in undistributed -- -- -- -- -- -- earnings of less-than-fifty-percent owned companies Fixed charges 74,930 5,170 57,430 57,380 62,110 6,930 Deduct capitalized interest (110) (30) (200) (260) (220) (20) Depreciation of fixed charges 10 -- 50 30 10 -- Estimated interest factor for -- -- -- -- -- -- rentals Earnings (loss) before income taxes and fixed charges $65,380 $(110) $99,470 $122,150 $110,810 $121,980 FIXED CHARGES: Interest on indebtedness, net 73,130 5,000 55,390 55,380 60,290 5,420 -2- Capitalized interest 110 30 200 260 220 20 Estimated interest factor for rentals 1,690 140 1,840 1,740 1,600 1,490 Total fixed charges 74,930 5,170 57,430 57,380 62,110 6,930 RATIO OF EARNINGS TO FIXED CHARGES 0.9(2) (0.02)(2) 1.7 2.1 1.8 17.6
Notes: (1) Metaldyne acquired TriMas in January 1998. Financial results for the 21 days prior to Metaldyne's acquisition have not been included because the results were determined on a different accounting basis. (2) For the period ended December 31, 2002, the year ended December 31, 2001, and for the nine months ended september 30, 2001 additional earnings of $5.3 million, $9.6 million and $1.2 million respectively, would have been required to make the ratio 1.0x.