Exhibit 12.1
The Timken Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Six | ||||||||||||||||||||||||
Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Income (loss) from continuing operations before tax | $ | (89,140 | ) | $ | 425,596 | $ | 282,257 | $ | 254,234 | $ | 346,538 | $ | 199,779 | |||||||||||
Share of undistributed losses from 50%-or-less owned affiliates, excluding affiliates with guaranteed debt | 1,273 | (1,418 | ) | 1,320 | 5,696 | 4,762 | 5,462 | |||||||||||||||||
Amortization of capitalized interest | 1,323 | 1,839 | 1,406 | 1,228 | 1,204 | 1,352 | ||||||||||||||||||
Interest expense | 16,965 | 44,934 | 42,684 | 49,387 | 51,585 | 50,834 | ||||||||||||||||||
Interest portion of rental expense | 4,341 | 9,006 | 7,854 | 5,289 | 3,640 | 1,866 | ||||||||||||||||||
Earnings | $ | (65,238 | ) | $ | 479,957 | $ | 335,521 | $ | 315,834 | $ | 407,729 | $ | 259,293 | |||||||||||
Interest | $ | 18,171 | $ | 47,888 | $ | 48,384 | $ | 52,668 | $ | 52,205 | $ | 51,375 | ||||||||||||
Interest portion of rental expense | 4,341 | 9,006 | 7,854 | 5,289 | 3,640 | 1,866 | ||||||||||||||||||
Interest expense relating to guaranteed debt of 50%-or-less owned affiliates | — | — | — | — | — | 106 | ||||||||||||||||||
Fixed Charges | $ | 22,512 | $ | 56,894 | $ | 56,238 | $ | 57,957 | $ | 55,845 | $ | 53,347 | ||||||||||||
Ratio of Earnings to Fixed Charges (1) | — | 8.44 | 5.97 | 5.45 | 7.30 | 4.86 | ||||||||||||||||||
(1) | Earnings were insufficient to cover fixed charges by approximately $87.8 million for the six months ended June 30, 2009; accordingly, no ratio is presented for such period. |