Exhibit 12.1
The Manitowoc Company, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio data)
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| For the Year Ended December 31, |
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| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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Earnings (loss) from continuing operations before income taxes (3) |
| $ | 37.4 |
| $ | (43.7 | ) | $ | (678.8 | ) | $ | 80.4 |
| $ | 436.9 |
| $ | 233.8 |
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Fixed charges |
| 173.3 |
| 212.1 |
| 217.9 |
| 65.5 |
| 45.5 |
| 54.2 |
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Total earnings available for fixed charges |
| $ | 210.7 |
| $ | 168.4 |
| $ | (460.9 | ) | $ | 145.9 |
| $ | 482.4 |
| $ | 288.0 |
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Fixed charges: |
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Interest expense |
| $ | 146.7 |
| $ | 175.0 |
| $ | 174.0 |
| $ | 51.6 |
| $ | 35.1 |
| $ | 44.9 |
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Amortization of deferred financing costs (1) |
| 10.4 |
| 22.0 |
| 28.8 |
| 2.5 |
| 1.1 |
| 1.4 |
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Portion of rent deemed interest factor (2) |
| 16.2 |
| 15.1 |
| 15.1 |
| 11.4 |
| 9.3 |
| 7.9 |
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Total fixed charges |
| $ | 173.3 |
| $ | 212.1 |
| $ | 217.9 |
| $ | 65.5 |
| $ | 45.5 |
| $ | 54.2 |
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Ratio of earnings to fixed charges |
| 1.2x |
| n/a |
| n/a |
| 2.2x |
| 10.6x |
| 5.3x |
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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 |
| $ | 146.7 |
| $ | 175.0 |
| $ | 174.0 |
| $ | 54.1 |
| $ | 36.2 |
| $ | 46.3 |
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Less amortization of deferred financing costs |
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| 2.5 |
| 1.1 |
| 1.4 |
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Interest expense |
| $ | 146.7 |
| $ | 175.0 |
| $ | 174.0 |
| $ | 51.6 |
| $ | 35.1 |
| $ | 44.9 |
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(2) One third of all rent expense is deemed representative of the interest factor
(3) 2009 amounts include the impact of $666.7 million of non-cash impairment changes.
(4) Additional earnings of $43.7 million in 2010 and $678.8 million in 2009 are needed to reach a ratio of earnings to fixed charges of 1.0x.