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PARK OHIO INDUSTRIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIO DATA)
Exhibit 12.1
2004 2003 2002 2001 2000
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Earnings (loss) before Income Taxes $17,933 ($11,523) ($11,044) ($36,844) $7,906
Less Capitalized Interest
Fixed Charges 34,942 29,572 31,206 35,320 35,084
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Earnings available for Fixed Charges $52,875 $18,049 $19,750 ($1,524) $42,990
Fixed Charges:
Interest Component of Rent Expense 3,529 3,421 3,583 4,212 4,272
Interest Expense 31,413 26,151 27,623 31,108 30,812
Interest Capitalized
Amortization of Deferred Financing Costs(1)
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Total Fixed Charges $34,942 $29,572 $31,206 $35,320 $35,084
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Ratio of Earnings to Fixed Charges 1.5 (2) (2) (2) 1.2
(1) Included in Interest Expense
(2) Earnings were inadequate to cover fixed charges for the years ended
December 31, 2003, 2002 and 2001, and the coverage deficiency
totaled $11,523, $11,044 and $36,844 respectively.