Exhibit 12.1
Dana Holding Corporation
Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Fixed Charges and Preferred Dividends
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income of continuing operations before income taxes | $ | 311 | $ | 303 | $ | 368 | $ | 364 | $ | 306 | $ | 55 | $ | (275 | ) | |||||||||||||
Equity earnings remitted | 14 | 1 | 10 | 3 | 4 | 2 | 2 | |||||||||||||||||||||
Fixed charges | 102 | 84 | 119 | 104 | 100 | 107 | 157 | |||||||||||||||||||||
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Income available for fixed charges | $ | 427 | $ | 388 | $ | 497 | $ | 471 | $ | 410 | $ | 164 | $ | (116 | ) | |||||||||||||
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Interest expense | $ | 89 | $ | 69 | $ | 99 | $ | 84 | $ | 79 | $ | 89 | $ | 139 | ||||||||||||||
Less: Write-off of deferred fees included in interest expense | (2 | ) | (6 | ) | ||||||||||||||||||||||||
Interest component of rent expense | 13 | 15 | 20 | 20 | 21 | 20 | 24 | |||||||||||||||||||||
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Fixed charges | $ | 102 | $ | 84 | $ | 119 | $ | 104 | $ | 100 | $ | 107 | $ | 157 | ||||||||||||||
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Dividends on preferred stock | $ | 7 | $ | 21 | $ | 25 | $ | 31 | $ | 31 | $ | 32 | $ | 32 | ||||||||||||||
Income tax rate | 31.0 | % | 31.6 | % | 32.3 | % | 14.1 | % | 28.4 | % | 54.3 | % | 5.9 | % | ||||||||||||||
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Preferred dividend requirement | $ | 10 | $ | 31 | $ | 37 | $ | 36 | $ | 43 | $ | 69 | $ | 34 | ||||||||||||||
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Fixed charges and preferred dividend requirement | $ | 111 | $ | 114 | $ | 156 | $ | 140 | $ | 143 | $ | 176 | $ | 191 | ||||||||||||||
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Ratio of Earnings to Fixed Charges (1) | 4.19 | 4.63 | 4.20 | 4.51 | 4.10 | 1.53 | <1.00 | |||||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (2) | 3.83 | 3.39 | 3.20 | 3.35 | 2.86 | <1.00 | <1.00 |
(1) | Earnings were insufficient to cover fixed charges by $273 million in the year ended December 31, 2009. |
(2) | Dana’s Series A Preferred Stock and Series B Preferred Stock were issued in connection with Dana’s emergence from bankruptcy on January 31, 2008. As of September 30, 2014, we no longer had any outstanding Series A Preferred Stock or Series B Preferred Stock. Earnings were insufficient to cover fixed charges and preferred dividends by $340 million and $307 million in the years ended December 31, 2010 and 2009, respectively. |