1
EXHIBIT 12.1
APCOA, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS, EXCEPT RATIO DATA)
THREE MONTHS PRO FORMA
YEAR ENDED DECEMBER 31, ENDED MARCH 31, ------------------------
--------------------------------------------- ----------------- THREE MONTHS
1993 1994 1995 1996 1997 1997 1998 1997 1998
------- ------- ------- ------ ------ ------ -------- --------- ------------
Income (loss) before
income taxes,
minority interest
and extraordinary
item............... $(4,037) $(2,880) $(2,273) $1,469 $2,320 $ (345) $(14,275) $(2,363) $(15,561)
Fixed charges........ 2,966 3,129 4,216 4,261 4,611 1,074 1,277 24,687 6,137
------- ------- ------- ------ ------ ------ -------- ------- --------
Earnings............. $(1,071) $ 249 $ 1,943 $5,730 $6,931 $ 729 $(12,998) $22,324 $ (9,424)
======= ======= ======= ====== ====== ====== ======== ======= ========
Interest expense..... $ 2,084 $ 2,437 $ 3,101 $3,409 $3,713 $ 869 $ 1,037 $14,225 $ 3,521
Amortization of
deferred financing
costs.............. 361 198 574 228 180 42 48 759 190
Interest portion of
rent expense....... 521 494 541 624 718 163 192 9,703 2,426
------- ------- ------- ------ ------ ------ -------- ------- --------
Fixed charges........ $ 2,966 $ 3,129 $ 4,216 $4,261 $4,611 $1,074 $ 1,277 $24,687 $ 6,137
======= ======= ======= ====== ====== ====== ======== ======= ========
Ratio of earnings to
fixed charges...... Note 1 Note 1 Note 1 1.3x 1.5x Note 1 Note 1 Note 1 Note 1
======= ======= ======= ====== ====== ====== ======== ======= ========
- ---------------
Note 1: Earnings were inadequate to cover fixed charges by $4,037, $2,880,
$2,273, $345, $14,275, $2,363 and $15,561 for the years ended December 31, 1993,
1994 and 1995, the three months ended March 31, 1997 and 1998, the pro forma
year ended December 31, 1997, and the pro forma three months ended March 31,
1998, respectively.