Exhibit 12
The Manitowoc Company, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio data)
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| For the Nine Months Ended |
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| September 30, |
| For the Year Ended December 31, |
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| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Earnings from continuing operations before income taxes |
| $ | (699.9 | ) | $ | 79.2 |
| $ | 436.9 |
| $ | 233.8 |
| $ | 83.0 |
| $ | 30.6 |
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Fixed charges |
| 173.7 |
| 65.6 |
| 45.5 |
| 54.2 |
| 61.0 |
| 62.9 |
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Total earnings available for fixed charges |
| $ | (526.2 | ) | $ | 144.8 |
| $ | 482.4 |
| $ | 288.0 |
| $ | 144.0 |
| $ | 93.5 |
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Fixed charges: |
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Interest expense |
| $ | 130.4 |
| $ | 51.6 |
| $ | 35.1 |
| $ | 44.9 |
| $ | 51.7 |
| $ | 52.9 |
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Amortization of deferred financing costs (1) |
| 31.9 |
| 2.5 |
| 1.1 |
| 1.4 |
| 2.1 |
| 3.1 |
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Portion of rent deemed interest factor (2) |
| 11.5 |
| 11.5 |
| 9.3 |
| 7.9 |
| 7.2 |
| 6.9 |
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Total fixed charges |
| $ | 173.7 |
| $ | 65.6 |
| $ | 45.5 |
| $ | 54.2 |
| $ | 61.0 |
| $ | 62.9 |
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Ratio of earnings to fixed charges |
| -3.0 | x | 2.2 | x | 10.6 | x | 5.3 | x | 2.4 | x | 1.5 | x | ||||||
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Notes for explanations: |
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(1) Amortization of deferred financing costs is included in interest expense in the company’s Consolidated Statement of Operations: | |||||||||||||||||||
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Interest expense per Consolidated Statements of Operations |
| $ | 162.2 |
| $ | 54.1 |
| $ | 36.2 |
| $ | 46.3 |
| $ | 53.8 |
| $ | 56.0 |
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Less amortization of deferred financing costs |
| 31.9 |
| 2.5 |
| 1.1 |
| 1.4 |
| 2.1 |
| 3.1 |
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Interest expense |
| $ | 130.4 |
| $ | 51.6 |
| $ | 35.1 |
| $ | 44.9 |
| $ | 51.7 |
| $ | 52.9 |
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(2) One third of all rent expense is deemed representative of the interest factor
