EXHIBIT 12.1
TITAN HOLDINGS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
ELEVEN
MONTHS
ENDED SIX MONTHS ENDED
DECEMBER 31, YEARS ENDED DECEMBER 31, JUNE 30, DECEMBER 31,
----------------------------------- -----------------------
2000 2001 2002 2003 2004 2004
------------ -------- ------------- -------- -------- ------------
(predecessor) (successor)
---------------------------------------------------------------
Earnings:
Income (loss) before income taxes $ 18,175 $ 181 $ 11,175 $ 11,691 $ 5,388 $ 976
Minority interest in net income (loss) 852 317 (21)
Interest expense 10,015 14,726 13,433 9,444 4,666 11,638
Amortization of deferred financing costs 510 568 678 706 2,119 843
-------- -------- -------- -------- -------- --------
Earnings 29,552 15,792 25,265 21,841 12,173 13,457
-------- -------- -------- -------- -------- --------
Fixed charges:
Interest expense 10,015 14,726 13,433 9,444 4,666 11,638
Amortization of deferred financing costs 510 568 678 706 2,119 843
-------- -------- -------- -------- -------- --------
Fixed charges 10,525 15,294 14,111 10,150 6,785 12,481
-------- -------- -------- -------- -------- --------
Ratio of Earnings to Cover Fixed Charges 2.8x 1.0x 1.8x 2.2x 1.8x 1.1x
======== ======== ======== ======== ======== ========