Exhibit 12.1
TITAN INTERNATIONAL, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Amounts in thousands)
Year ended December 31, | Three months ended March 31 | |||||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | (32,002 | ) | $ | (9,190 | ) | $ | 95,895 | $ | 192,251 | $ | 54,734 | $ | 31,588 | $ | (8,479 | ) | |||||||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges | 18,852 | 27,203 | 25,642 | 28,283 | 49,265 | 10,992 | 9,878 | |||||||||||||||||||||
Amortization of capitalized interest | 488 | 613 | 613 | 613 | 573 | 153 | 132 | |||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||||
Capitalized interest | 1,987 | 0 | 0 | 74 | 237 | 109 | 0 | |||||||||||||||||||||
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Earnings available for fixed charges | $ | (14,649 | ) | $ | 18,626 | $ | 122,150 | $ | 221,073 | $ | 104,335 | $ | 42,624 | $ | 1,531 | |||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 16,246 | $ | 26,667 | $ | 25,259 | $ | 27,658 | $ | 47,120 | $ | 10,441 | $ | 9,259 | ||||||||||||||
Capitalized interest | 1,987 | 0 | 0 | 74 | 237 | 109 | 0 | |||||||||||||||||||||
Interest component of rental expense (a) | 619 | 536 | 383 | 551 | 1,908 | 442 | 619 | |||||||||||||||||||||
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Total fixed charges | $ | 18,852 | $ | 27,203 | $ | 25,642 | $ | 28,283 | $ | 49,265 | $ | 10,992 | $ | 9,878 | ||||||||||||||
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Ratio of earnings to fixed charges (b) | n/a | 0.68 | 4.76 | 7.82 | 2.12 | 3.88 | 0.15 |
(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. |