TRIMAS
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
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Six Months Six Months
ended ended
6/30/2002 6/30/2001
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EARNINGS (LOSS) BEFORE INCOME
TAXES AND FIXED CHARGES:
Income (loss) from continuing
operations before income taxes........ 15,350 2,060
Deduct equity in undistributed
earnings of less-than-fifty-
percent owned companies............... - -
Fixed charges.............................. 34,066 37,877
Deduct capitalized interest................ (26) (97)
Depreciation of fixed charges.............. 3 1
Estimated interest factor for
rentals............................... - -
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Earnings (loss) before income
taxes and fixed charges............... $ 49,393 $ 39,841
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FIXED CHARGES:
Interest on indebtedness, net.............. 33,100 36,940
Capitalized interest....................... 26 97
Estimated interest factor for
rentals............................... 940 840
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Total fixed charges.............. 34,066 37,877
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Total fixed charges........................ $ 34,066 $ 37,877
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RATIO OF EARNINGS TO FIXED CHARGES................ 1.4 1.1
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For The Years Ended December 31
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One Month Eleven Months
ended ended
2001 12/31/00 11/28/00 1999 1998 (1) 1997
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EARNINGS (LOSS) BEFORE INCOME
TAXES AND FIXED CHARGES:
Income (loss) from continuing
operations before income taxes..... $ (9,450) $ (5,250) $ 42,190 $65,000 $ 49,910 $115,070
Deduct equity in undistributed
earnings of less-than-fifty-
percent owned companies............ - - - - - -
Fixed charges........................... 74,934 5,140 57,545 57,820 60,950 6,910
Deduct capitalized interest............. (114) - (315) (700) - -
Depreciation of fixed charges........... 6 - 141 55 - -
Estimated interest factor for
rentals............................ - - - - - -
-------- -------- -------- ------- -------- --------
Earnings (loss) before income
taxes and fixed charges............ $ 65,376 $ (110) $ 99,561 $122,175 $110,860 $121,980
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FIXED CHARGES:
Interest on indebtedness, net........... 73,130 5,000 55,390 55,380 59,350 5,420
Capitalized interest.................... 114 - 315 700 - -
Estimated interest factor for
rentals............................ 1,690 140 1,840 1,740 1,600 1,490
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Total fixed charges........... 74,934 5,140 57,545 57,820 60,950 6,910
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Total fixed charges..................... $ 74,934 $ 5,140 $ 57,545 $57,820 $ 60,950 $ 6,910
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RATIO OF EARNINGS TO FIXED CHARGES............. 0.9(2) (0.02)(2) 1.7 2.1 1.8 17.7
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Notes (1) Metaldyne acquired TriMas in January 1998. Finanial results for the 21
days prior to Metaldyne's acquisition have not been included because
the results were determined on a different accounting basis.
(2) For the period ended December 31, 2000, and year ended December 31,
2001, additional earnings of $5.3 million and $9.6 million,
respectively, would have been required to make the ratio 1.0x.