AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
EXHIBIT 12.1 – COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
Year Ended December 31, | ||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
(in millions, except for ratios) | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, including amortization of debt issuance costs | $ | 47.5 | $ | 51.0 | $ | 60.2 | $ | 65.7 | $ | 61.7 | ||||||||||
Estimated interest portion of rents | 12.2 | 15.8 | 16.6 | 15.0 | 12.0 | |||||||||||||||
Capitalized interest | 6.0 | 8.2 | 13.2 | 11.9 | 8.5 | |||||||||||||||
Total fixed charges as defined | 65.7 | 75.0 | 90.0 | 92.6 | 82.2 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income tax expense | $ | 303.2 | $ | 273.8 | $ | 180.9 | $ | 203.4 | $ | 183.4 | ||||||||||
Total fixed charges as defined | 65.7 | 75.0 | 90.0 | 92.6 | 82.2 | |||||||||||||||
Fixed charges not deducted in the determination of income from continuing operations before income tax expense | (6.0 | ) | (8.2 | ) | (13.2 | ) | (11.9 | ) | (8.5 | ) | ||||||||||
Total earnings as defined | $ | 362.9 | $ | 340.6 | $ | 257.7 | $ | 284.1 | $ | 257.1 | ||||||||||
Ratio of Earnings to Fixed Charges | 5.52 | 4.54 | 2.86 | 3.07 | 3.13 | |||||||||||||||
Three Months Ended March 31, 2004 | ||||
Fixed Charges: | ||||
Interest expense, including amortization of debt issuance costs | $ | 8.6 | ||
Estimated interest portion of rents | 3.0 | |||
Capitalized interest | 1.5 | |||
Total fixed charges as defined | 13.1 | |||
Earnings: | ||||
Income form continuing operations before income tax expense | $ | 55.7 | ||
Total fixed charges as defined | 13.1 | |||
Fixed charges not deducted in the determination of income from continuing operations before income tax expense | (1.5 | ) | ||
Total earnings as defined | $ | 67.3 | ||
Ratio of Earnings to Fixed Charges | 5.14 | |||