EXHIBIT 12.1
METALDYNE
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
(DOLLARS IN THOUSANDS)
FOR THE YEARS ENDED DECEMBER 31
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6 MONTHS
ENDED
JUNE 30, 11/28 -- 12/31 1/1 -- 11/27
2002 2001 2000 2000 1999 1998 1997
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EARNINGS (LOSS)BEFORE INCOME
TAXES AND FIXED CHARGES:
Income (loss) from continuing
operations before income
taxes (credit), extraordinary
item and cumulative effect of
accounting change, net ........ $ 14,830 $(47,930) $(42,600) $ 156,670 $139,470 $144,520 $ 190,290
Deduct equity in undistributed
earnings of less-than-fifty-
percent owned companies ....... (2,330) (8,930) 1,000 (14,210) (9,800) (8,530) (46,030)
Add interest on indebtedness,
net ........................... 56,620 148,560 14,470 78,880 83,470 83,620 36,650
Add amortization of
debt expense................... 3,410 11,620 550 4,490 2,740 3,250 900
Estimated interest factor for
rentals ....................... 7,130 9,730 310 2,970 3,710 3,620 2,100
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Earnings (loss) before income
taxes and fixed charges ....... $ 79,660 $113,050 $(26,270) $ 228,800 $219,590 $226,480 $ 183,910
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FIXED CHARGES:
Interest on indebtedness, net .. 56,620 148,560 14,460 78,640 $ 83,760 $ 84,080 $ 36,770
Amortization of debt expense ... 3,410 11,620 550 4,490 2,740 3,250 900
Estimated interest factor for
rentals ....................... 7,130 9,730 310 2,970 3,710 3,620 2,100
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Total fixed charges ........... 67,160 169,910 15,320 86,100 90,210 90,950 39,770
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Preferred stock dividend
requirement (a)................ 1,740 9,750 650 -- -- -- 10,300
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Combined fixed charges and
preferred stock dividends ..... $ 68,900 $179,660 $15,970 $ 86,100 $ 90,210 $ 90,950 $ 50,070
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RATIO OF EARNINGS TO FIXED
CHARGES ........................ 1.2 0.7(b) (1.7)(b) 2.7 2.4 2.5 4.6
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RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS ................ 1.2 0.6(c) (1.6)(c) 2.7 2.4 2.5 3.7
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(a) Represents amount of income before provision for income taxes required to
meet the preferred stock dividend requirements of the Company and its 50%
owned companies.
(b) Results of operations for the year ended December 31, 2001 and the 34 days
ended December 31, 2000 are inadequate to cover fixed charges by $56,860
and $41,590, respectively.
(c) Results of operations for the year ended December 31, 2001 and the 34 days
ended December 31, 2000 are inadequate to cover fixed charges and preferred
stock dividends by $66,610 and $42,240, respectively.
(d) Deemed to represent one-third of rental expense on operating leases.