EX-12.1 3 dex121.txt STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12.1 AK STEEL HOLDING CORPORATION RATIO OF EARNINGS TO COMBINED FIXED CHARGES (dollars in millions)
Nine Months Ended Year Ended December 31, September 30, ------------------------------------ ----------------- 1997 1998 1999 2000 2001 2001 2002 ------ ------ ------ ------ ------- ------ ------ Pretax Income............................ $315.4 $306.9 $141.9 $212.6 $(144.8) $(23.5) $ 22.4 Interest expense......................... 111.7 84.9 123.7 136.1 133.1 100.5 98.2 Interest factor in rent expense.......... 2.6 2.5 3.0 3.0 2.4 1.8 1.8 Undistributed income from equity companies................................ 0.9 1.5 (1.4) 1.8 1.0 1.8 1.8 ------ ------ ------ ------ ------- ------ ------ Total earnings........................... $430.6 $395.8 $267.2 $353.5 $ (8.3) $ 80.6 $124.2 Total combined fixed charges............. $177.8 $173.8 $173.9 $143.2 $ 139.7 $105.4 $103.9 Ratio of earnings to combined fixed charges................................ 2.4 2.3 1.5 2.5 N/A* N/A* 1.2 Combined fixed charges: Preferred dividends/minority interest. $ 42.3 $ 27.0 $ 25.8 $ 1.6 $ 1.4 $ 1.1 $ 2.4 Interest expense...................... 111.7 84.9 123.7 136.1 133.1 100.5 98.2 Capitalized interest credit........... 21.2 59.4 21.4 2.5 2.8 2.0 1.5 Interest factor in rent expense....... 2.6 2.5 3.0 3.0 2.4 1.8 1.8 ------ ------ ------ ------ ------- ------ ------ Total combined fixed charges.......... $177.8 $173.8 $173.9 $143.2 $ 139.7 $105.4 $103.9
* For the year ended December 31, 2001, earnings were $148.0 less than fixed charges and for the six months ended June 30, 2001 earnings were $14.6 less than fixed charges.