Exhibit 12.1
The Manitowoc Company, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio data)
For the Year Ended December 31, | |||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||
Earnings (loss) from continuing operations before income taxes (3) | $ | 130.3 | $ | 33.9 | $ | (43.0 | ) | $ | (676.1 | ) | $ | 81.7 | |||||||||
Fixed charges | 162.3 | 173.3 | 212.1 | 217.9 | 65.5 | ||||||||||||||||
Total earnings available for fixed charges | $ | 292.6 | $ | 207.2 | $ | 169.1 | $ | (458.2 | ) | $ | 147.2 | ||||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | $ | 137.1 | $ | 146.7 | $ | 175.0 | $ | 174.0 | $ | 51.6 | |||||||||||
Amortization of deferred financing costs (1) | 8.2 | 10.4 | 22.0 | 28.8 | 2.5 | ||||||||||||||||
Portion of rent deemed interest factor (2) | 17.0 | 16.2 | 15.1 | 15.1 | 11.4 | ||||||||||||||||
Total fixed charges | $ | 162.3 | $ | 173.3 | $ | 212.1 | $ | 217.9 | $ | 65.5 | |||||||||||
Ratio of earnings to fixed charges (4) | 1.8x | 1.2x | n/a | n/a | 2.2x |
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 | $ | 137.1 | $ | 146.7 | $ | 175.0 | $ | 174.0 | $ | 54.1 | |||||||||||
Less amortization of deferred financing costs | — | — | — | — | 2.5 | ||||||||||||||||
Interest expense | $ | 137.1 | $ | 146.7 | $ | 175.0 | $ | 174.0 | $ | 51.6 |
(2) One third of all rent expense is deemed representative of the interest factor
(3) 2009 amounts include the impact of $662.0 million of non-cash impairment changes.
(4) Additional earnings of $43.0 million in 2010 and $676.1 million in 2009 are needed to reach a ratio of earnings to fixed charges of 1.0x.