Exhibit 12
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, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(Loss) income from continuing operations before taxes (1) | $ | (268.1 | ) | $ | (111.0 | ) | $ | (20.4 | ) | $ | 13.8 | $ | (47.0 | ) | ||||||
Fixed charges | 49.9 | 109.1 | 108.5 | 145.3 | 153.7 | |||||||||||||||
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Total (loss) income available for fixed charges | $ | (218.2 | ) | $ | (1.9 | ) | $ | 88.1 | $ | 159.1 | $ | 106.7 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 39.6 | $ | 95.6 | $ | 92.8 | $ | 127.4 | $ | 134.1 | ||||||||||
Amortization of deferred financing fees | 2.2 | 4.2 | 4.4 | 7.0 | 8.2 | |||||||||||||||
Portion of rent deemed interest factor (2) | 8.1 | 9.3 | 11.3 | 10.9 | 11.4 | |||||||||||||||
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Total fixed charges | $ | 49.9 | $ | 109.1 | $ | 108.5 | $ | 145.3 | $ | 153.7 | ||||||||||
Ratio of (loss) income to fixed charges | * | ** | *** | 1.1x | **** | |||||||||||||||
Notes for explanations:
| (1) | 2016 and 2015 amounts include the impact ofnon-cash impairment changes of $96.9 million and $15.3 million, respectively. |
| (2) | One-third of all rent expense is deemed representative of the interest factor. |
| * | The ratio coverage for the year ended December 31, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $268.1 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2016. |
| ** | The ratio coverage for the year ended December 31, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $111.0 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2015. |
| *** | The ratio coverage for the year ended December 31, 2014 was less than 1:1. The Company would have needed to generate additional earnings of $20.4 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2014. |
| **** | The ratio coverage for the year ended December 31, 2012 was less than 1:1. The Company would have needed to generate additional earnings of $47.0 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2012. |
