EXHIBIT 12.1 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends BREED Technologies, Inc. December 31, 1997 ($ in 000) ProForma (1) ProForma (2) Year Six Months Ended Six Months Years Ended June 30, Ended December 31, Ended ----------------------------------------- June 30, ---------------- December 31, 1993 1994 1995 1996 1997 1997 1996 1997 1997 Net Earnings (Loss) before extraordinary item $18,304 $44,623 $ 72,333 $ 63,038 $14,847 $(10,300) $11,000 $(323,400) $(389,200) Add: Income taxes 9,334 28,386 37,800 35,300 14,800 (27,000) 7,100 (49,900) (56,700) --------------------------------------------- -------- -------- ----------- ---------- Profit (Loss) before income taxes $27,638 $73,009 $110,133 $ 98,338 $29,647 $(37,300) $18,100 $(373,300) $(445,900) ============================================= ======== ======== =========== ========== Fixed Charges Interest expensed $ 2,112 $ 1,062 $ 829 $ 2,664 $26,789 $ 97,800 $11,100 $ 25,400 $ 42,700 Amortization of deferred financing costs 726 43,500 - 10,000 43,500 Estimated Interest factor on operating leases 106 361 327 315 2,060 3,592 158 1,030 1,796 Dividends on redeemable preferred stock - 16,300 - 1,400 8,100 --------------------------------------------- -------- -------- ---------- --------- Total Fixed Charges $ 2,218 $ 1,423 $ 1,156 $ 2,979 $29,575 $161,192 $11,258 $ 37,830 $ 96,096 ============================================= ======== ======== ========== ========= Earnings Computation Profit/(Loss) before tax $27,638 $73,009 $110,133 $ 98,338 $29,647 $(37,300) $18,100 $(373,300) $(445,900) Fixed charges 2,216 1,423 1,156 2,979 29,575 161,192 11,258 37,630 96,096 -------------------------------------------- -------- -------- ---------- ---------- Total Earnings as Adjusted $29,856 $74,432 $111,289 $101,317 $59,222 $123,892 $29,358 $(335,470) $(349,804) ============================================ ======== ======== ========== ========== Ratio of earnings to fixed charges 13.5 52.3 96.3 34.0 2.0 0.8 2.6 (8.9) (3.6) ============================================ ======== ======== ========== ========= Insufficiency of earnings to cover combined fixed charge and preferred stock dividends. - - - - - $ 37,300 - $ 373,300 $ 445,900 ============================================ ======== ======== ========== ========= 1. Gives effect to the 1997 Acquisitions and the SRS Acquisition. 2. Gives effect to the SRS Acquisition.