Exhibit 12.1
The Manitowoc Company, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio data)
|
| For the Year Ended December 31, |
| |||||||||||||||||||
|
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| |||||||||
Earnings from continuing operations before income taxes |
| $ | 73,858 |
| $ | 47,031 |
| $ | 10,534 |
| $ | 60,860 |
| $ | 64,386 |
| $ | 78,008 |
| |||
Fixed charges |
| 60,999 |
| 62,866 |
| 61,606 |
| 57,404 |
| 41,434 |
| 15,008 |
| |||||||||
Total earnings available for fixed charges |
| $ | 134,857 |
| $ | 109,897 |
| $ | 72,140 |
| $ | 118,264 |
| $ | 105,820 |
| $ | 93,016 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest expense |
| $ | 51,674 |
| $ | 52,858 |
| $ | 52,754 |
| $ | 46,547 |
| $ | 33,363 |
| $ | 11,636 |
| |||
Amortization of deferred financing costs (1) |
| 2,092 |
| 3,141 |
| 2,919 |
| 4,091 |
| 3,204 |
| 672 |
| |||||||||
Portion of rent deemed interest factor (2) |
| 7,233 |
| 6,867 |
| 5,933 |
| 6,766 |
| 4,867 |
| 2,700 |
| |||||||||
Total fixed charges |
| $ | 60,999 |
| $ | 62,866 |
| $ | 61,606 |
| $ | 57,404 |
| $ | 41,434 |
| $ | 15,008 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Ratio of earnings to fixed charges |
| 2.2x |
| 1.8x |
| 1.2x |
| 2.1x |
| 2.6x |
| 6.2x |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Notes for explanations: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Note - 2000 - 2004 amounts have been restated for the discontinued operations of DRI and Toledo Ship Repair |
| |||||||||||||||||||||
|
| |||||||||||||||||||||
(1) Amortization of deferred financing costs is included in interest expense in the company’s Consolidated Statement of Operations: |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest expense per Consolidated Statements of Operations |
| $ | 53,766 |
| $ | 55,999 |
| $ | 55,673 |
| $ | 50,638 |
| $ | 36,567 |
| $ | 12,308 |
| |||
Less amortization of deferred financing costs |
| 2,092 |
| 3,141 |
| 2,919 |
| 4,091 |
| 3,204 |
| 672 |
| |||||||||
Interest expense |
| $ | 51,674 |
| $ | 52,858 |
| $ | 52,754 |
| $ | 46,547 |
| $ | 33,363 |
| $ | 11,636 |
| |||
(2) One third of all rent expense is deemed representative of the interest factor