Exhibit 12
Oshkosh Corporation
Ratio of Earnings to Fixed Charges
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| Fiscal Year Ended September 30, |
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| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
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Earnings |
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Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates |
| $ | 442.1 |
| $ | 309.2 |
| $ | 445.0 |
| $ | 431.9 |
| $ | 326.1 |
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Fixed charges (see below) |
| 96.8 |
| 82.5 |
| 72.1 |
| 69.1 |
| 65.8 |
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Amortization of capitalized interest |
| 0.1 |
| 0.1 |
| 0.1 |
| 0.1 |
| 0.1 |
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Distributed income of equity investees |
| — |
| 6.5 |
| 1.5 |
| 1.5 |
| 5.3 |
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Interest capitalized |
| — |
| — |
| — |
| — |
| (0.7 | ) | |||||
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Earnings before fixed charges |
| $ | 539.0 |
| $ | 398.3 |
| $ | 518.7 |
| $ | 502.6 |
| $ | 396.6 |
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Fixed charges |
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Interest expensed |
| 85.6 |
| 69.0 |
| 61.5 |
| 56.5 |
| 52.3 |
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Interest capitalized |
| — |
| — |
| — |
| — |
| 0.7 |
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Amortization of premiums, discounts and capitalized expenses related to indebtedness |
| 5.1 |
| 7.0 |
| 4.9 |
| 6.2 |
| 6.4 |
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Estimate of interest included within rental expense (a) |
| 6.1 |
| 6.5 |
| 5.7 |
| 6.4 |
| 6.4 |
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Interest associated with the probable satisfaction of guarantees of the debt of a less than 50%-owned entity or of an unaffiliated entity (b) |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $ | 96.8 |
| $ | 82.5 |
| $ | 72.1 |
| $ | 69.1 |
| $ | 65.8 |
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Ratio of earnings to fixed charges |
| 5.6 |
| 4.8 |
| 7.2 |
| 7.3 |
| 6.0 |
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Footnotes
(a) The estimate of interest included within rental expense is calculated using an interest rate of approximately 14% of the total rental expense.
(b) We are party to multiple agreements whereby we guarantee indebtedness of customers the majority of which are under loss pool arrangements. We reserve amounts for estimated losses which is included in operating income. We generally have the ability to take possession of the underlying collateral. The reserves are reduced by the value of the underlying collateral. Interest associated with the satisfaction of these guarantees is not significant.
