Exhibit 12(a)
Tennant Company
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars)
Ratio of Earnings to Fixed Charges |
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| Year ended December 31, |
| Quarter ended March 31, |
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2008 |
| 2009 |
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Profit (loss) before income taxes |
| $ | 21,379 |
| $ | 34,994 |
| $ | 43,302 |
| $ | 57,712 |
| $ | 17,575 |
| $ | 8,296 |
| $ | (42,429 | ) |
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Fixed Charges: |
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Interest expense |
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| 1,147 |
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| 564 |
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| 737 |
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| 898 |
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| 3,944 |
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| 488 |
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| 652 |
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Amortization of debt expense |
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| 63 |
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| 38 |
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| — |
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| 21 |
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| 55 |
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| 12 |
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| 35 |
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Interest component of rental expense (estimated) |
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| 2,994 |
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| 2,992 |
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| 3,970 |
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| 4,549 |
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| 4,980 |
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| 1,237 |
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| 1,048 |
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Total Fixed Charges |
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| 4,204 |
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| 3,594 |
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| 4,707 |
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| 5,468 |
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| 8,979 |
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| 1,737 |
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| 1,735 |
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Profit (loss) before income taxes plus fixed charges |
| $ | 25,583 |
| $ | 38,588 |
| $ | 48,009 |
| $ | 63,180 |
| $ | 26,554 |
| $ | 10,033 |
| $ | (40,694 | ) |
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Ratio of Earnings to Fixed Charges |
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| 6.1 |
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| 10.7 |
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| 10.2 |
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| 11.6 |
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| 3.0 |
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| 5.8 |
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| (A) |
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(A) For the quarter ended March 31, 2009, earnings were inadequate to cover fixed charges. The deficiency of $42.4 million was the result of a $43.4 million non-cash goodwill impairment charge.