Exhibit 12
TriMas
Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges
And Preferred Stock Dividends
(Dollars in Thousands)
Nine Months Nine Months
ended ended
9/29/2002 9/30/2001
--------- ---------
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES:
Income (loss) from continuing operations before income taxes 9,050 (1,110)
Deduct equity in undistributed earnings of less-than-fifty-percent
owned companies -- --
Fixed charges 47,680 56,770
Deduct capitalized interest (30) (100)
Depreciation of fixed charges 10 --
Estimated interest factor for rentals -- --
Earnings (loss) before income taxes and fixed charges 56,710 55,560
FIXED CHARGES:
Interest on indebtedness, net 46,090 55,410
Capitalized interest 30 100
Estimated interest factor for rentals 1,560 1,260
Total fixed charges 47,680 56,770
RATIO OF EARNINGS TO FIXED CHARGES 1.2 1.0
For the Years Ended December 31,
One Eleven
Month Months
ended ended
2001 12/31/00 11/28/00 1999 1998(1) 1997
---- -------- -------- ---- ------- ----
EARNINGS (LOSS) BEFORE INCOME TAXES AND
FIXED CHARGES:
Income (loss) from continuing $(9,450) $(5,250) $42,190 $65,000 $49,910 $115,070
operations before income taxes
Deduct equity in undistributed -- -- -- -- -- --
earnings of
less-than-fifty-percent owned
companies
Fixed charges 74,930 5,140 57,550 57,820 60,950 6,910
Deduct capitalized interest (110) -- (320) (700) -- --
Depreciation of fixed charges 10 -- 140 60 -- --
Estimated interest factor for rentals -- -- -- -- -- --
Earnings (loss) before income taxes
and fixed charges $65,380 $(110) $99,560 $122,180 $110,860 $121,980
FIXED CHARGES:
Interest on indebtedness, net 73,130 5,000 55,390 55,380 59,350 5,420
Capitalized interest 110 -- 320 700 -- --
Estimated interest factor for rentals 1,690 140 1,840 1,740 1,600 1,490
Total fixed charges 74,930 5,140 57,550 57,820 60,950 6,910
RATIO OF EARNINGS TO FIXED CHARGES 0.9(2) (0.02)(2) 1.7 2.1 1.8 17.7
-2-
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 the 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.