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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, | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Earnings (loss) from continuing operations before income taxes (1) | $ | 169.4 | $ | 225.2 | $ | 146.9 | $ | 46.3 | $ | (38.0 | ) | ||||||||||
Fixed charges | 115.8 | 151.8 | 160.7 | 171.9 | 210.8 | ||||||||||||||||
Total earnings (loss) available for fixed charges | $ | 285.2 | $ | 377.0 | $ | 307.6 | $ | 218.2 | $ | 172.8 | |||||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | $ | 94.0 | $ | 128.4 | $ | 135.6 | $ | 145.4 | $ | 173.8 | |||||||||||
Amortization of deferred financing costs | 4.4 | 7.0 | 8.2 | 10.4 | 22.0 | ||||||||||||||||
Portion of rent deemed interest factor (2) | 17.4 | 16.4 | 16.9 | 16.1 | 15.0 | ||||||||||||||||
Total fixed charges | $ | 115.8 | $ | 151.8 | $ | 160.7 | $ | 171.9 | $ | 210.8 | |||||||||||
Ratio of earnings to fixed charges (3) | 2.5x | 2.5x | 1.9x | 1.3x | n/a |
Notes for explanations:
(1) One third of all rent expense is deemed representative of the interest factor.
(2) Additional earnings of $38.0 million in 2010 would have been needed to reach a ratio of earnings to fixed charges of 1.0x.
(3) 2014 amounts include the impact of $1.1 million of non-cash impairment changes