Exhibit 12.1 DELCO REMY INTERNATIONAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FOR THE THREE MONTHS FOR THE YEAR ENDED JULY 31 ENDED OCTOBER 31 ------------------------------------------------------- ---------------------------------------- Pro Forma Pro Forma 1995 1996 1997 1997 1996 1997 1997 ---------- ----------- ------------- --------------- ------------- ----------- ------------ Earnings: Income (loss) from continuing operations before income taxes (benefit), preferred dividend requirement of subsidiary and minority interest.................. $18,569 $13,312 $(10,737) $ 645 $ 5,668 $ 6,686 $ 9,278 Total fixed charges........ 21,076 31,346 42,842 38,751 10,413 11,538 9,783 Less preferred stock dividend requirement...... (2,328) (2,527) (2,747) -- (692) (687) -- Less interest capitalized during period............. -- (393) -- -- -- -- -- ---------- ----------- ------------ -------------- ---------- ----------- ------------ Total earnings $37,317 $41,738 $ 29,358 $39,396 $15,389 $17,537 $19,061 ========== =========== ============ ============== ========== =========== ============ FIXED CHARGES: Interest expense........... $18,432 $27,367 $ 38,774 $36,840 $ 9,391 $10,521 $ 9,305 Interest capitalized during period............. -- 393 -- -- -- -- -- Preferred stock dividend requirement............... 2,328 2,527 2,747 -- 692 687 -- Implicit interest in rent expense................... 316 1,059 1,321 1,911 330 330 478 --------- ----------- ------------ --------------- ---------- ----------- ------------ Total fixed charges......... $21,076 $31,346 $ 42,842 $38,751 $10,413 $11,538 $ 9,783 ========== =========== ============ =============== ========== =========== ============ RATIO OF EARNINGS TO FIXED 1.8x 1.3x --(a) 1.0x 1.5x 1.5x 1.9x CHARGES.................... ========== =========== ============ =============== ========== =========== ============ (a) The deficiency of earnings to fixed charges was $13.5 million. Excluding the restructuring charge, the ratio of earnings to fixed charges would have been 1.5x.