Exhibit 12
TRIMAS CORPORATION
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Post-Acquisition Basis | Pre-Acquisition Basis | |||||||||||||||||||||||||
Year Ended December 31, 2003 | Year Ended December 31, 2002 | Year Ended December 31, 2001 | 11/28/00 - 12/31/00 | 1/1/00 - 11/28/00 | Year Ended December 31, 1999 | |||||||||||||||||||||
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES: | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (36,520 | ) | $ | 4,690 | $ | (9,220 | ) | $ | (5,970 | ) | $ | 42,460 | $ | 68,750 | |||||||||||
Deduct equity in undistributed earnings of less-than-fifty-percent owned companies | — | — | — | — | — | — | ||||||||||||||||||||
Fixed charges | 70,460 | 63,160 | 75,660 | 5,300 | 58,630 | 57,860 | ||||||||||||||||||||
Deduct capitalized interest | — | (30 | ) | (110 | ) | (20 | ) | (200 | ) | (260 | ) | |||||||||||||||
Depreciation of fixed charges | 20 | 20 | 10 | — | 50 | 30 | ||||||||||||||||||||
Estimated interest factor for rentals | — | — | — | — | — | — | ||||||||||||||||||||
Earnings (loss) before income taxes and fixed charges | $ | 33,960 | $ | 67,840 | $ | 66,340 | $ | (690 | ) | $ | 100,940 | $ | 126,380 | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||
Interest on indebtedness, net | $ | 64,780 | $ | 60,810 | $ | 73,860 | $ | 5,140 | $ | 56,590 | $ | 55,860 | ||||||||||||||
Capitalized interest | — | 30 | 110 | 20 | 200 | 260 | ||||||||||||||||||||
Estimated interest factor for rentals | 5,680 | 2,320 | 1,690 | 140 | 1,840 | 1,740 | ||||||||||||||||||||
Total fixed charges | $ | 70,460 | $ | 63,160 | $ | 75,660 | $ | 5,300 | $ | 58,630 | $ | 57,860 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 0.5 | 1.1 | 0.9 | (0.1 | ) | 1.7 | 2.2 | |||||||||||||||||||
Notes: |
(1) | For the period ended December 31, 2000, and years ended December 31, 2001 and 2003, additional earnings of $6.0 million, $9.3 million and $36.5 million, respectively, would have been required to make the ratio 1.0x. |