Exhibit
12
TRIMAS CORPORATION
EXHIBIT 12
COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK
DIVIDENDS
(DOLLARS IN THOUSANDS)
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Post-Acquisition Basis | |
Pre-Acquisition Basis | |||||||||||||||||||||||
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Year
Ended December 31, 2003 |
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Year Ended December 31, 2002 |
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Year Ended December 31, 2001 |
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11/28/00 - 12/31/00 |
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1/1/00 - 11/28/00 |
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Year Ended December 31, 1999 |
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| EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: | |
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| Income (loss) from continuing operations before income taxes | |
$ | (36,520 | ) | |
$ | 4,690 | |
$ | (9,220 | ) | |
$ | (5,970 | ) | |
$ | 42,460 | |
$ | 68,750 | |||||
| Deduct equity in undistributed earnings of less-than-fifty-percent owned companies | |
— | |
— | |
— | |
— | |
— | |
— | ||||||||||||||
| Fixed charges | |
70,460 | |
63,160 | |
75,660 | |
5,300 | |
58,630 | |
57,860 | ||||||||||||||
| Deduct capitalized interest | |
— | |
(30 | ) | |
(110 | ) | |
(20 | ) | |
(200 | ) | |
(260 | ) | |||||||||
| Depreciation of fixed charges | |
20 | |
20 | |
10 | |
— | |
50 | |
30 | ||||||||||||||
| Estimated interest factor for rentals | |
— | |
— | |
— | |
— | |
— | |
— | ||||||||||||||
| Earnings (loss) before income taxes and fixed charges | |
$ | 33,960 | |
$ | 67,840 | |
$ | 66,340 | |
$ | (690 | ) | |
$ | 100,940 | |
$ | 126,380 | |||||||
| FIXED CHARGES: | |
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| Interest on indebtedness, net | |
$ | 64,780 | |
$ | 60,810 | |
$ | 73,860 | |
$ | 5,140 | |
$ | 56,590 | |
$ | 55,860 | ||||||||
| Capitalized interest | |
— | |
30 | |
110 | |
20 | |
200 | |
260 | ||||||||||||||
| Estimated interest factor for rentals | |
5,680 | |
2,320 | |
1,690 | |
140 | |
1,840 | |
1,740 | ||||||||||||||
| Total fixed charges | |
$ | 70,460 | |
$ | 63,160 | |
$ | 75,660 | |
$ | 5,300 | |
$ | 58,630 | |
$ | 57,860 | ||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | |
0.5 | |
1.1 | |
0.9 | |
(0.1 | ) | |
1.7 | |
2.2 | |||||||||||||
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| Notes: |
| (1) | For the period ended December 31, 2000, and years ended December 31, 2001 and 2003, additional earnings of $6.0 million, $9.3 million and $36.5 million, respectively, would have been required to make the ratio 1.0x. |