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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| Nine month period |
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| ended Sept 30, |
| For the Year Ended December 31, |
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Earnings from continuing operations before income taxes (3) |
| $ | (14.6 | ) | $ | (705.4 | ) | $ | 79.2 |
| $ | 436.9 |
| $ | 233.8 |
| $ | 83.0 |
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Fixed charges |
| 176.0 |
| 227.5 |
| 65.6 |
| 45.5 |
| 54.2 |
| 61.0 |
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Total earnings available for fixed charges |
| $ | 161.4 |
| $ | (477.9 | ) | $ | 144.8 |
| $ | 482.4 |
| $ | 288.0 |
| $ | 144.0 |
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Fixed charges: |
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Interest expense |
| $ | 130.0 |
| $ | 174.0 |
| $ | 51.6 |
| $ | 35.1 |
| $ | 44.9 |
| $ | 51.7 |
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Amortization of deferred financing costs (1) |
| 34.2 |
| 38.0 |
| 2.5 |
| 1.1 |
| 1.4 |
| 2.1 |
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Portion of rent deemed interest factor (2) |
| 11.8 |
| 15.5 |
| 11.5 |
| 9.3 |
| 7.9 |
| 7.2 |
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Total fixed charges |
| $ | 176.0 |
| $ | 227.5 |
| $ | 65.6 |
| $ | 45.5 |
| $ | 54.2 |
| $ | 61.0 |
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Ratio of earnings to fixed charges |
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| (a) |
| (b) | 2.2x |
| 10.6x |
| 5.3x |
| 2.4x |
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Notes for explanations:
(1) Amortization of deferred financing costs was included in interest expense in the company’s Consolidated Statement of Operations prior to 2009:
Interest expense per Consolidated Statements of Operations |
| $ | 130.0 |
| $ | 174.0 |
| $ | 54.1 |
| $ | 36.2 |
| $ | 46.3 |
| $ | 53.8 |
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Less amortization of deferred financing costs |
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| 2.5 |
| 1.1 |
| 1.4 |
| 2.1 |
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Interest expense |
| $ | 130.0 |
| $ | 174.0 |
| $ | 51.6 |
| $ | 35.1 |
| $ | 44.9 |
| $ | 51.7 |
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(2) One third of all rent expense is deemed representative of the interest factor
