Exhibit 12.1
TITAN INTERNATIONAL, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Amounts in thousands)
Year ended December 31, | ||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings (loss) before income taxes | $ | (32,002 | ) | $ | (9,190 | ) | $ | 95,895 | $ | 192,251 | $ | 54,734 | ||||||||
Add: | ||||||||||||||||||||
Fixed charges | 18,852 | 27,203 | 25,642 | 28,283 | 49,265 | |||||||||||||||
Amortization of capitalized interest | 488 | 613 | 613 | 613 | 573 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Capitalized interest | 1,987 | 0 | 0 | 74 | 237 | |||||||||||||||
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Earnings available for fixed charges | $ | (14,649 | ) | $ | 18,626 | $ | 122,150 | $ | 221,073 | $ | 104,335 | |||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 16,246 | $ | 26,667 | $ | 25,259 | $ | 27,658 | $ | 47,120 | ||||||||||
Capitalized interest | 1,987 | 0 | 0 | 74 | 237 | |||||||||||||||
Interest component of rental expense (a) | 619 | 536 | 383 | 551 | 1,908 | |||||||||||||||
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Total fixed charges | $ | 18,852 | $ | 27,203 | $ | 25,642 | $ | 28,283 | $ | 49,265 | ||||||||||
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Ratio of earnings to fixed charges (b) | n/a | 0.68 | 4.76 | 7.82 | 2.12 |
(a) | The interest component of rental expense was estimated to be one-fourth of lease rental expense. |
(b) | Earnings were insufficient to cover fixed charges for the year ended December 31, 2009, by $33.5 million. |