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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Fixed Charges | | $ | 10,151 | | | $ | 10,045 | | | $ | 40,918 | | | $ | 41,756 | | | $ | 26,245 | | | $ | 19,455 | | | $ | 21,154 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. |