Exhibit 12.1
Global Brass and Copper Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income (loss) before provision for income taxes and equity income | $ | 17,191 | $ | 21,971 | $ | 31,085 | $ | 85,837 | $ | 67,291 | $ | 12,455 | $ | (118,026 | ) | |||||||||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges | 10,151 | 10,045 | 40,918 | 41,756 | 26,245 | 19,455 | 21,154 | |||||||||||||||||||||
Amortization of capitalized interest | 9 | 9 | 36 | — | — | — | — | |||||||||||||||||||||
Distributions from equity investment | — | 500 | 1,000 | 500 | 566 | 2,028 | — | |||||||||||||||||||||
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | — | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Capitalized interest | — | — | — | 557 | — | — | — | |||||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | — | |||||||||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 124 | 68 | 466 | 223 | 565 | 132 | 30 | |||||||||||||||||||||
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Total Earnings | $ | 27,227 | $ | 32,457 | $ | 72,573 | $ | 127,313 | $ | 93,537 | $ | 33,806 | $ | (96,902 | ) | |||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expense | $ | 9,875 | $ | 9,749 | $ | 39,727 | $ | 40,010 | $ | 25,076 | $ | 18,136 | $ | 20,045 | ||||||||||||||
Capitalized interest | — | — | — | 557 | — | — | — | |||||||||||||||||||||
Estimated interest in rent expense (a) | 276 | 296 | 1,191 | 1,189 | 1,169 | 1,319 | 1,109 | |||||||||||||||||||||
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Total Fixed Charges | $ | 10,151 | $ | 10,045 | $ | 40,918 | $ | 41,756 | $ | 26,245 | $ | 19,455 | $ | 21,154 | ||||||||||||||
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Ratio of Earnings to Fixed Charges (b) | 2.7 | 3.2 | 1.8 | 3.0 | 3.6 | 1.7 | — | |||||||||||||||||||||
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(a) | Interest portion of rental expense is estimated to equal 33% of such expense, which is considered a reasonable approximation of the interest factor. |
(b) | Earnings were insufficient to cover fixed charges by $118,056 for the year ended December 31, 2008. Accordingly, the ratio of earnings to fixed charges was less than 1:1. |