EXHIBIT 12.1 WELLS ALUMINUM CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (a) (In thousands, except ratios) THREE MONTHS ENDED YEARS ENDED MARCH 31, DECEMBER 31, ------------------ --------------------------------------------------- 1997 1996 1996 1995 1994 1993 1992 -------- -------- --------- --------- --------- --------- -------- EARNINGS Earnings before income taxes and extraordinary item (Note 1) ... $3,202 $2,794 $15,902 $14,843 $ 6,202 $ 3,250 $ (164) Interest expense................. 1,167 1,441 5,176 7,087 8,443 8,487 9,226 Portion of rent expense representative of an interest factor.......................... 123 129 499 478 449 463 437 -------- -------- --------- --------- --------- --------- -------- Adjusted earnings (Note 1) ...... $4,492 $4,364 $21,577 $22,408 $15,094 $12,200 $9,499 ======== ======== ========= ========= ========= ========= ======== FIXED CHARGES Interest expense................. $1,167 $1,441 $ 5,176 $ 7,087 $ 8,443 $ 8,487 $9,226 Portion of rent expense representative of an interest factor.......................... 123 129 499 478 449 463 437 -------- -------- --------- --------- --------- --------- -------- Total fixed charges ............. $1,290 $1,570 $ 5,675 $ 7,565 $ 8,892 $ 8,950 $9,663 ======== ======== ========= ========= ========= ========= ======== RATIO OF EARNINGS TO FIXED CHARGES (Note 1) ............... 3.48 2.78 3.80 2.96 1.70 1.36 N/A ======== ======== ========= ========= ========= ========= ======== Note 1: In 1994, the Company recognized an extraordinary loss of $1,092 on the refinancing of debt. - ------------ (a) For the purpose of determining the ratio of earnings to fixed charges, earnings consist of earnings (loss) before income taxes and fixed charges. Fixed charges consist of interest expense, whether expensed or capitalized, including amortization of deferred financing costs, and the portion of rental expense considered to be interest. For the year ended December 31, 1992, the Company's earnings were insufficient to cover fixed charges by $164.