TRIMAS
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Nine Months Nine Months
ended ended
9/29/2002 9/30/2001
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EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES:
Income (loss) from continuing operations before income taxes $9,050 $(1,110)
Deduct equity in undistributed earnings of less-than-fifty-percent
owned companies -- --
Fixed charges 47,680 56,770
Deduct capitalized interest (30) (100)
Depreciation of fixed charges 10 --
Estimated interest factor for rentals -- --
Earnings (loss) before income taxes and fixed charges $56,710 $55,560
FIXED CHARGES:
Interest on indebtedness, net 46,090 55,410
Capitalized interest 30 100
Estimated interest factor for rentals 1,560 1,260
Total fixed charges 47,680 56,770
RATIO OF EARNINGS TO FIXED CHARGES 1.2 0.98(2)
For the Years Ended December 31,
One Eleven
Month Months
ended ended
2001 12/31/00 11/28/00 1999 1998(1) 1997
---- -------- -------- ---- ------- ----
EARNINGS (LOSS) BEFORE INCOME TAXES AND
FIXED CHARGES:
Income (loss) from continuing $(9,450) $(5,250) $42,190 $65,000 $49,910 $115,070
operations before income taxes
Deduct equity in undistributed -- -- -- -- -- --
earnings of
less-than-fifty-percent
owned companies
Fixed charges 74,930 5,170 57,430 57,380 62,110 6,930
Deduct capitalized interest (110) (30) (200) (260) (220) (20)
Depreciation of fixed charges 10 -- 50 30 10 --
Estimated interest factor for -- -- -- -- -- --
rentals
Earnings (loss) before income taxes
and fixed charges $65,380 $(110) $99,470 $122,150 $110,810 $121,980
FIXED CHARGES:
Interest on indebtedness, net 73,130 5,000 55,390 55,380 60,290 5,420
-2-
Capitalized interest 110 30 200 260 220 20
Estimated interest factor for
rentals 1,690 140 1,840 1,740 1,600 1,490
Total fixed charges 74,930 5,170 57,430 57,380 62,110 6,930
RATIO OF EARNINGS TO FIXED CHARGES 0.9(2) (0.02)(2) 1.7 2.1 1.8 17.6
Notes:
(1) Metaldyne acquired TriMas in January 1998. Financial 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, 2002, the year ended December
31, 2001, and for the nine months ended september 30, 2001 additional earnings
of $5.3 million, $9.6 million and $1.2 million respectively, would have been
required to make the ratio 1.0x.