EXHIBIT 12.1 TYCO TOYS, INC. SCHEDULE OF COMPUTATIONS OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS) YEARS ENDED DECEMBER 31, MARCH 31, ---------------------------------------------------------------------------------- 1991 1992 1993 1994 1995 1995 1996 --------- --------- ----------- ----------- ----------- ----------- ----------- Income (loss) before income taxes and extraordinary loss $27,194 $30,136 $(83,340) $(31,473) $(28,234) $(10,293) $(15,688) Add fixed charges: Interest expense ............ 19,676 13,274 23,487 30,913 28,026 5,865 5,276 Portion of rent expense indicative of the interest factor therein .............. 2,842 3,711 4,945 4,982 5,174 1,148 1,215 --------- --------- ----------- ----------- ----------- ----------- ----------- Total fixed charges ........ 22,518 16,985 28,432 35,895 33,200 7,013 6,491 --------- --------- ----------- ----------- ----------- ----------- ----------- Earnings (loss) before income taxes and fixed charges .... $49,712 $47,121 $(54,908) $ 4,422 $ 4,966 $ (3,280) $ (9,197) ========= ========= =========== =========== =========== =========== =========== Fixed charges ................ $22,518 $16,985 $ 28,432 $ 35,895 $ 33,200 $ 7,013 $ 6,491 Preferred stock dividends ... -- -- -- 2,157 3,200 784 827 --------- --------- ----------- ----------- ----------- ----------- ----------- Fixed charges and preferred stock dividends ............. $22,518 $16,985 $ 28,432 $ 38,052 $ 36,400 $ 7,797 $ 7,318 ========= ========= =========== =========== =========== =========== =========== Ratio of earnings to fixed charges and preferred stock dividends ................... 2.2x 2.8x --(1) --(1) --(1) --(1) --(1) ========= ========= =========== =========== =========== =========== =========== - ------------ (1) For the years ended December 31, 1993, 1994 and 1995 and the three months ended March 31, 1995 and 1996, the Company's earnings were insufficient to cover the fixed charges by $83,340, $33,630, $31,434, $11,077 and $16,515, respectively.