Exhibit 12.1
FEDERAL-MOGUL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(In thousands except ratios)
Year ended December 31,
1998 1997 1996 1995 1994
Fixed charges:
Interest expense* $204,000 $ 32,000 $ 42,600 $37,300 $ 21,200
Estimated interest portion of rents 15,768 9,700 11,267 11,333 8,300
Amortization of debt issuance expense - 1,288 1,827 1,803 1,053
-------- -------- --------- ------- --------
Total fixed charges $219,768 $ 42,988 $ 55,694 $50,436 $ 30,553
Earnings:
Earnings before fixed charges $185,500 $ 99,500 $(228,700) $(3,300) $102,100
Fixed charges 219,768 42,988 55,694 50,436 30,553
-------- -------- --------- ------- --------
Adjusted earnings $405,268 $142,488 $(173,006) $47,136 $132,653
Ratio of Earnings to Fixed Charges 1.844 3.315 (3.106) 0.935 4.342
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* Includes amortization of debt issuance expense in 1998.
Exhibit 12.1 (Cont'd)
FEDERAL-MOGUL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(unaudited)
(In thousands except ratios)
Year ended December 31,
1998 1997 1996 1995 1994
Fixed charges:
Interest expense** $ 204,000 $ 32,000 $ 42,600 $37,300 $ 21,200
Distributions on preferred stock* 5,655 10,450 16,336 16,714 17,182
Estimated interest portion of rents 15,768 9,700 11,267 11,333 8,300
Amortization of debt issuance expense - 1,288 1,827 1,803 1,053
---------- -------- --------- ------- --------
Total fixed charges $ 225,424 $ 53,438 $ 72,030 $67,150 $ 47,735
Earnings:
Earnings before fixed charges $ 185,500 $ 99,500 $(228,700) $(3,300) $102,100
Fixed charges 225,424 53,438 72,030 67,150 47,735
---------- -------- --------- ------- --------
Adjusted earnings $ 410,924 $152,938 $(156,670) $63,850 $149,835
Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends 1.823 2.862 (2.175) 0.951 3.139
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* Preferred stock amounts are calculated in the following manner in
accordance with SEC guidelines.
Preferred Stock Dividend Requirements
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100% less Effective Income Tax Rate (36.7% for 1998)
** Includes amortization of debt issuance expense in 1998.