Exhibit 12.1
Barnes Group Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Year to Date September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income before income taxes as restated(1) | $ | 64,034 | $ | 38,721 | $ | 43,027 | $ | 38,202 | $ | 32,543 | $ | 23,311 | $ | 47,876 | ||||||||||||||
Equity (income) loss, net of distributions | 335 | 213 | 355 | (489 | ) | (477 | ) | 580 | (482 | ) | ||||||||||||||||||
Capitalized interest | (230 | ) | (235 | ) | (314 | ) | (85 | ) | (128 | ) | (163 | ) | (188 | ) | ||||||||||||||
Amortization of capitalized interest | 202 | 218 | 292 | 318 | 344 | 345 | 347 | |||||||||||||||||||||
Fixed charges per below | 16,676 | 14,856 | 20,362 | 20,446 | 18,730 | 19,839 | 18,466 | |||||||||||||||||||||
Adjusted earnings | $ | 81,017 | $ | 53,773 | $ | 63,722 | $ | 58,392 | $ | 51,012 | $ | 43,912 | $ | 66,019 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expensed and capitalized, including amortization of debt issuance costs | $ | 13,239 | $ | 11,674 | $ | 15,938 | $ | 16,253 | $ | 15,311 | $ | 16,525 | $ | 15,424 | ||||||||||||||
Interest portion of rental expense (33%) | 3,437 | 3,182 | 4,424 | 4,193 | 3,419 | 3,314 | 3,042 | |||||||||||||||||||||
Fixed charges | $16,676 | $ | 14,856 | $ | 20,362 | $ | 20,446 | $ | 18,730 | $ | 19,839 | $ | 18,466 | |||||||||||||||
Ratio of earnings to fixed charges | 4.9 | 3.6 | 3.1 | 2.9 | 2.7 | 2.2 | 3.6 | |||||||||||||||||||||
(1) | Barnes restated its historical annual financial information to apply a change in accounting method from the Last-In, First-Out method of inventory valuation to the First-In, First-Out method effective January 1, 2005. |