EXHIBIT 12 TRIMAS EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS) For the Years Ended December 31 ------------------------------- One Month Eleven Months ended ended 2002 2001 12/31/00 11/28/00 1999 1998 (1) ---- ---- -------- -------- ---- -------- EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: Income (loss) from continuing operations before income taxes $ 3,120 $ (9,450) $ (5,250) $ 42,190 $ 65,000 $ 49,910 Deduct equity in undistributed earnings of - less-than-fifty-percent owned companies - - - - - - Fixed charges 62,360 74,930 5,160 57,430 57,380 62,110 Deduct capitalized interest (30) (110) (20) (200) (260) (220) Depreciation of fixed charges 20 10 - 50 30 10 Estimated interest factor for rentals - - - - - - -------- -------- -------- --------- --------- --------- Earnings (loss) before income taxes and fixed charges $ 65,470 $ 65,380 $ (110) $ 99,470 $122,150 $ 111,810 ======== ======== ======== ========= ======== ========= FIXED CHARGES: Interest on indebtedness, net 60,010 73,130 5,000 55,390 55,380 60,290 Capitalized interest 30 110 20 200 260 220 Estimated interest factor for rental 2,320 1,690 140 1,840 1,740 1,600 -------- -------- -------- --------- --------- --------- Total fixed charges 62,360 74,930 5,160 57,430 57,380 62,110 -------- -------- -------- --------- --------- --------- Total fixed charges $ 62,360 $ 74,930 $ 5,160 $ 57,430 $ 57,380 $ 62,110 ======== ======== ======== ========= ======== ========= RATIO OF EARNINGS TO FIXED CHARGES 1.0 0.9 (0.02) 1.7 2.1 1.8 ======== ======== ======== ========= ======== ========= Notes: (1) Metaldyne acquired TriMas in January 1998. Financial results for the 21 days prior to Metaldyne's acquisition have not been included because the results were determined on a different accounting basis. (2) For the period ended December 31, 2000, and year ended December 31, 2001, additional earnings of $5.3 million and $9.6 million, respectively, would have been required to make the ratio 1.0x.
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10-K Filing
TriMas (TRS) 10-K2002 FY Annual report
Filed: 31 Mar 03, 12:00am