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EXHIBIT 12.1
TOWER AUTOMOTIVE, INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months
Ended
Year Ended December 31 June 30
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1995 1996 1997 1998 1999 1999 2000
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Earnings:
Income before income
taxes and extraordinary
item .................. $ 20,121 $ 34,337 $ 80,741 $135,353 $187,166 $ 97,752 $121,058
Net fixed charges (1) ... 2,501 8,551 44,385 52,217 47,918 19,901 30,520
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Total earnings .......... $ 22,622 $ 42,888 $125,126 $187,570 $235,084 $ 77,851 $151,578
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Fixed charges:
Interest expense ........ $ 2,027 $ 7,636 $ 36,651 $ 42,506 $ 39,491 $ 14,820 $ 26,731
Capitalized interest .... 1,157 -- 3,409 3,732 6,926 3,630 4,308
Interest factor of rental
expense (2) ........... 311 660 6,255 7,352 5,986 3,915 2,508
Amortization of debt
expense ............... 163 255 1,479 2,359 2,441 1,166 1,281
Dividends on trust
preferred securities .. -- -- -- 9,800 17,466 8,733 8,732
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Total fixed charges ..... $ 3,658 $ 8,551 $ 47,794 $ 65,749 $ 72,310 $ 32,264 $ 43,560
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Earnings to fixed charges 6.2 5.0 2.6 2.9 3.3 2.4 3.5
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(1) Net fixed charges represents total fixed charges less capitalized interest
and dividends on trust preferred securities.
(2) The interest factor of rental expense has been calculated using the rate
implied pursuant to the terms of the rental agreements. For the periods
presented, the interest factor ranged from 30% to 55% of total rental expense.