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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, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Earnings (loss) from continuing operations before income taxes (1) | $ | 225.2 | $ | 146.9 | $ | 46.3 | $ | (38.0 | ) | $ | (670.1 | ) | |||||||||
Fixed charges | 151.8 | 160.7 | 171.9 | 210.8 | 216.5 | ||||||||||||||||
Total earnings (loss) available for fixed charges | $ | 377.0 | $ | 307.6 | $ | 218.2 | $ | 172.8 | $ | (453.6 | ) | ||||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | $ | 128.4 | $ | 135.6 | $ | 145.4 | $ | 173.8 | $ | 172.7 | |||||||||||
Amortization of deferred financing costs | 7.0 | 8.2 | 10.4 | 22.0 | 28.8 | ||||||||||||||||
Portion of rent deemed interest factor (2) | 16.4 | 16.9 | 16.1 | 15.0 | 15.0 | ||||||||||||||||
Total fixed charges | $ | 151.8 | $ | 160.7 | $ | 171.9 | $ | 210.8 | $ | 216.5 | |||||||||||
Ratio of earnings to fixed charges (3) | 2.5x | 1.9x | 1.3x | n/a | n/a |
Notes for explanations:
(1) 2009 amounts include the impact of $662.0 million of non-cash impairment changes.
(2) One third of all rent expense is deemed representative of the interest factor.
(3) Additional earnings of $38.0 million in 2010 and $670.1 million in 2009 would have been needed to reach a ratio of earnings to fixed charges of 1.0x.