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EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
EARNINGS:
YEAR ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Income before provision for taxes.................. 1,901 2,876 1,152 2,277 1,306
Interest........................................... 4,526 4,275 4,489 4,289 4,178
Rental expense interest factor..................... 187 238 146 138 177
--------- --------- --------- --------- ---------
Earnings...................................... 6,614 7,389 5,787 6,704 5,661
========= ========= ========= ========= =========
FIXED CHARGES:
Interest........................................... 4,526 4,275 4,489 4,289 4,178
Rental expense interest factor..................... 187 238 146 138 177
--------- --------- --------- --------- ---------
Fixed charges................................. 4,713 4,513 4,635 4,427 4,355
========= ========= ========= ========= =========
Ratio of earnings to fixed charges................. 1.4 1.6 1.3 1.5 1.3
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Footnote:
The data above sets forth the ratio of earnings to fixed charges of AFA and
Polytek on a combined basis for each of the years in the five-year period ended
December 31, 1997. The data for each of the years in the three-year period ended
December 31, 1997, are derived from the audited historical financial statements
of AFA Holdings Co. (the Company's parent) and WTI, Inc. and Subsidiaries (the
predecessor of AFA Holdings Co.) included elsewhere in this Prospectus. The data
for each of the years in the two-year period ended December 31, 1994 have been
derived from the financial records of WTI, Inc. and Subsidiaries.