TRIMAS
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Three Months Three Months
ended ended
3/30/2003 3/31/2002
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EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES:
Income (loss) from continuing operations before income taxes ................... $(12,100) $ 5,460
Deduct equity in undistributed earnings of less-than-fifty-percent
owned companies ............................................................. -- --
Fixed charges .................................................................. 16,950 17,886
Deduct capitalized interest .................................................... -- (26)
Depreciation of fixed charges .................................................. 20 3
Estimated interest factor for rentals .......................................... -- --
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Earnings before income taxes and fixed charges ................................. $ 4,870 $23,323
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FIXED CHARGES:
Interest on indebtedness, net .................................................. 16,040 17,400
Capitalized interest ........................................................... -- 26
Estimated interest factor for rentals .......................................... 910 460
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Total fixed charges ........................................................ 16,950 $17,886
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Total fixed charges ............................................................$ 16,950 $17,886
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RATIO OF EARNINGS TO FIXED CHARGES .................................................. 0.3 1.3
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For the Years Ended December 31,
-------------------------------------------------------------------
One Eleven
Month Months
ended ended
2002 2001 12/31/00 11/28/00 1999 1998(1)
---- ---- -------- -------- ---- -------
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES:
Income (loss) from continuing
operations before income taxes ..............$ 3,120 $(9,450) $(5,250) $42,190 $65,000 $49,910
Deduct equity in undistributed earnings of
less-than-fifty-percent owned companies ...... -- -- -- -- -- --
Fixed charges ................................... 62,360 74,934 5,140 57,545 57,820 60,950
Deduct capitalized interest ..................... (30) (114) -- (315) (700) --
Depreciation of fixed charges ................... 20 6 -- 141 55 --
Estimated interest factor for rentals ........... -- -- -- -- -- --
------- ------- ------- ------- -------- --------
Earnings (loss) before income taxes
and fixed charges ........................... 65,470 $65,376 $ (110) $99,561 $122,175 $110,860
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FIXED CHARGES:
Interest on indebtedness, net ................... 60,010 73,130 5,000 55,390 55,380 59,350
Capitalized interest ............................ 30 114 -- 315 700 --
Estimated interest factor for rentals ........... 2,320 1,690 140 1,840 1,740 1,600
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Total fixed charges ...................... 62,360 74,934 5,140 57,545 57,820 60,950
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Total fixed charges ............................. $62,360 $74,934 $ 5,140 $57,545 $ 57,820 $ 60,950
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RATIO OF EARNINGS TO FIXED CHARGES ................... 1.0 0.9(2) (0.02)(2) 1.7 2.1 1.8
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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, 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.