EX-12.1 3 l05938aexv12w1.txt EX-12.1 RATIO OF EARNINGS EXHIBIT 12.1 PARK-OHIO INDUSTRIES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIO DATA)
2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- Earnings (loss) before income taxes $(11,523) $(11,044) $(36,844) $ 7,906 $28,608 Less capitalized interest Fixed charges 29,572 31,206 35,320 35,084 28,690 -------- -------- -------- -------- ------- Earnings available for fixed charges $ 18,049 $ 19,750 $ (1,524) $ 42,990 $57,298 Fixed charges: Interest component of rent expense $ 3,421 $ 3,583 $ 4,212 $ 4,272 3,938 Interest expense 26,151 27,623 31,108 30,812 24,752 Interest capitalized Amortization of deferred financing costs --(1) --(1) --(1) --(1) --(1) -------- -------- -------- -------- ------- Total fixed charges $ 29,572 $ 31,206 $ 35,320 $ 35,084 $28,690 Ratio of earnings to fixed charges (2) (2) (2) 1.2x 2.0X
(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.