EX-12 7 file006.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)
Three Months Three Months ended ended 3/30/2003 3/31/2002 --------- --------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income (loss) from continuing operations before income taxes ................... $(12,100) $ 5,460 Deduct equity in undistributed earnings of less-than-fifty-percent owned companies ............................................................. -- -- Fixed charges .................................................................. 16,950 17,886 Deduct capitalized interest .................................................... -- (26) Depreciation of fixed charges .................................................. 20 3 Estimated interest factor for rentals .......................................... -- -- --------- --------- Earnings before income taxes and fixed charges ................................. $ 4,870 $23,323 ========= ========= FIXED CHARGES: Interest on indebtedness, net .................................................. 16,040 17,400 Capitalized interest ........................................................... -- 26 Estimated interest factor for rentals .......................................... 910 460 --------- --------- Total fixed charges ........................................................ 16,950 $17,886 --------- --------- Total fixed charges ............................................................$ 16,950 $17,886 ========= ========= RATIO OF EARNINGS TO FIXED CHARGES .................................................. 0.3 1.3 ========= =========
For the Years Ended December 31, ------------------------------------------------------------------- One Eleven Month Months ended ended 2002 2001 12/31/00 11/28/00 1999 1998(1) ---- ---- -------- -------- ---- ------- EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: Income (loss) from continuing operations before income taxes ..............$ 3,120 $(9,450) $(5,250) $42,190 $65,000 $49,910 Deduct equity in undistributed earnings of less-than-fifty-percent owned companies ...... -- -- -- -- -- -- Fixed charges ................................... 62,360 74,934 5,140 57,545 57,820 60,950 Deduct capitalized interest ..................... (30) (114) -- (315) (700) -- Depreciation of fixed charges ................... 20 6 -- 141 55 -- Estimated interest factor for rentals ........... -- -- -- -- -- -- ------- ------- ------- ------- -------- -------- Earnings (loss) before income taxes and fixed charges ........................... 65,470 $65,376 $ (110) $99,561 $122,175 $110,860 ======= ======= ======= ======= ======== ======== FIXED CHARGES: Interest on indebtedness, net ................... 60,010 73,130 5,000 55,390 55,380 59,350 Capitalized interest ............................ 30 114 -- 315 700 -- Estimated interest factor for rentals ........... 2,320 1,690 140 1,840 1,740 1,600 ------- ------- ------- ------- -------- -------- Total fixed charges ...................... 62,360 74,934 5,140 57,545 57,820 60,950 ------- ------- ------- ------- -------- -------- Total fixed charges ............................. $62,360 $74,934 $ 5,140 $57,545 $ 57,820 $ 60,950 ======= ======= ======= ======= ======== ======== RATIO OF EARNINGS TO FIXED CHARGES ................... 1.0 0.9(2) (0.02)(2) 1.7 2.1 1.8 ======= ======= ======= ======= ======== ========
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, 2000, and year ended December 31, 2001, additional earnings of $5.3 million and $9.6 million, respectively, would have been required to make the ratio 1.0x.