American Axle & Manufacturing (AXL) 10-K 2002 FY Annual report

EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.

	Year Ended December 31,
	2002			2001			2000			1999			1998
	(Unaudited)
	(In millions, except for ratios)
Fixed Charges:
Interest expense, including amortization of debt issuance costs	$	51.0		$	60.2		$	65.7		$	61.7		$	44.8
Estimated interest portion of rents		15.8			16.6			15.0			12.0			4.7
Capitalized interest		8.2			13.2			11.9			8.5			3.8
Preferred stock dividend		—			—			—			—			—
Gross-up of preferred stock dividend as if it were pre-tax		—			—			—			—			—
Total fixed charges as defined		75.0			90.0			92.6			82.2			53.3
Earnings:
Income from continuing operations before income tax expense		273.8			180.9			203.4			183.4			5.6
Total fixed charges as defined		75.0			90.0			92.6			82.2			53.3
Fixed charges not deducted in the determination of income from continuing operations before income tax expense		(8.2	)		(13.2	)		(11.9	)		(8.5	)		(3.8	)
Total earnings as defined	$	340.6		$	257.7		$	284.1		$	257.1		$	55.1
Ratio of earnings to fixed charges		4.54			2.86			3.07			3.13			1.03

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