Exhibit 12.1
STEINWAY MUSICAL INSTRUMENTS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Predecessor Company
------------------------- ---------------------------------------------
Year Ended Period Year Ended December 31,
---------------------- -------------------------------------
December 31, 1/1/93 - 8/11/93 -
1992 8/10/93 12/31/93 1994 1995 1996
----------- -------- --------- ---- ---- ----
Net income (loss) $ 2,343 $1,405 ($3,109) $ 2,922 ($ 2,074) $ 7,421
Income tax 93 43 (1,559) 1,798 836 8,492
Interest expense 7,626 4,432 3,254 8,255 14,923 17,870
Amortization of deferred debt cost 1,106 676 239 629 872 1,056
Estimated interest component
of operating leases 369 221 115 323 734 1,058
------- ------ ------ ------- ------- -------
Adjusted net income (loss) $11,537 $6,777 ($1,060) $13,927 $15,291 $35,897
------- ------ ------ ------- ------- -------
------- ------ ------ ------- ------- -------
Fixed charges
Interest expense $ 7,626 $4,432 $3,254 $ 8,255 $14,923 $17,870
Amortization of deferred debt cost 1,106 676 239 629 872 1,056
Estimated interest component
of operating leases 369 221 115 323 734 1,058
------- ------ ------ ------- ------- -------
Total $ 9,101 $5,329 $3,608 $ 9,207 $16,529 $19,984
------- ------ ------ ------- ------- -------
------- ------ ------ ------- ------- -------
Ratio of earnings to fixed charges 1.3 1.3 1.5 1.8
Deficiency $4,668 $ 1,238