Attached files
| file | filename |
|---|---|
| S-1/A - AMENDMENT NO. 2 TO FORM S-1 - Cooper-Standard Holdings Inc. | ds1a.htm |
| EX-23.1 - CONSENT OF ERNST & YOUNG LLP - Cooper-Standard Holdings Inc. | dex231.htm |
EXHIBIT 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except ratio of earnings to fixed charges)
| Historical | Pro Forma | |||||||||||||||||||||||||||||||||||||||||
| Predecessor | Successor | |||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | Nine Months Ended September 30, |
Five Months Ended May 31, |
Four Months Ended September 30, |
Year Ended December 31, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | 2009 | 2010 | 2010 | 2009 | 2010 | |||||||||||||||||||||||||||||||||
| Income before income taxes |
$ | 12.4 | $ | (14.8 | ) | $ | (117.5 | ) | $ | (93.3 | ) | $ | (411.9 | ) | |
$(425.3) |
|
$ | 676.5 | $ | 31.3 | $ | (387.2 | ) | $ | 68.5 | ||||||||||||||||
| Less: |
||||||||||||||||||||||||||||||||||||||||||
| Income from equity method investment |
(2.8 | ) | (0.2 | ) | (2.2 | ) | (0.9 | ) | (4.0 | ) | (1.7 | ) | (3.6 | ) |
|
(2.5 |
) |
|
(3.2 |
) |
|
(5.8 |
) | |||||||||||||||||||
| Earnings (loss) from continuing operations before income taxes and income or loss from equity investments |
9.6 | (15.0 | ) | (119.7 | ) | (94.2 | ) | (415.9 | ) | (427.0 | ) | 672.9 | |
28.8 |
|
|
(390.4 |
) |
|
62.7 |
| |||||||||||||||||||||
| Plus: |
||||||||||||||||||||||||||||||||||||||||||
| Fixed charges, excluding preferred stock dividend requirement |
71.6 | 92.9 | 104.8 | 108.2 | 73.6 | 59.1 | 48.3 |
|
16.5 |
|
|
54.7 |
|
|
38.8 |
| ||||||||||||||||||||||||||
| Earnings available for fixed charges |
$ | 81.2 | $ | 77.9 | $ | (14.9 | ) | $ | 14.0 | $ | (342.3 | ) | $ | (367.9 | ) | $ | 721.2 | $ |
45.3 |
|
$ |
(335.7 |
) |
$ |
101.5 |
| ||||||||||||||||
| Fixed charges: |
||||||||||||||||||||||||||||||||||||||||||
| Interest expense |
$ | 66.6 | $ | 87.1 | $ | 97.4 | $ | 100.5 | $ | 66.5 | $ | 53.6 | $ | 45.2 | $ |
14.2 |
|
$ |
47.6 |
|
$ |
33.4 |
| |||||||||||||||||||
| Estimated interest factor for rentals |
5.0 | 5.8 | 7.4 | 7.7 | 7.1 | 5.5 | 3.1 | |
2.3 |
|
|
7.1 |
|
|
5.4 |
| ||||||||||||||||||||||||||
| Preferred stock dividend requirements |
— | — | — | — | — | — | — | |
2.9 |
|
|
7.0 |
|
|
5.8 |
| ||||||||||||||||||||||||||
| Fixed charges |
$ | 71.6 | $ | 92.9 | $ | 104.8 | $ | 108.2 | $ | 73.6 | $ | 59.1 | $ | 48.3 | $ |
19.4 |
|
$ |
61.7 |
|
$ |
44.6 |
| |||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends |
1.1 | — | — | — | — | — | 14.9 |
|
2.3 |
|
|
— |
|
|
2.3 |
| ||||||||||||||||||||||||||
| Fixed charges in excess of earnings(1) |
$ | — | $ | 15.0 | $ | 119.7 | $ | 94.2 | $ | 415.9 | $ | 427.0 | $ | — | $ |
— |
|
$ |
397.4 |
|
$ |
— |
| |||||||||||||||||||
| (1) | Earnings were insufficient to cover fixed charges by $15.0 million, $119.7 million, $94.2 million and $415.9 million for the years ended December 31, 2006, 2007, 2008 and 2009, respectively, and $427.0 million for the nine months ended September 30, 2009. On a pro forma basis, earnings were insufficient to cover fixed charges by $397.4 million for the year ended December 31, 2009. |