Terex (TEX) 10-Q 2015 Q2 Quarterly report

Exhibit 12

TEREX CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions)

	Three Months Ended June 30,								Six Months Ended June 30,
	2015				2014				2015				2014
Earnings:
Income (loss) before income taxes	$	119.3			$	128.4			$	129.4			$	171.4
Adjustments:
Undistributed (income) loss of less than 50% owned investments	(1.2		)		(0.1		)		(3.6		)		0.2
Fixed charges	34.3				40.5				70.0				79.5
Earnings	$	152.4			$	168.8			$	195.8			$	251.1
Fixed charges:
Interest expense, including debt discount amortization	$	27.0			$	31.7			$	55.2			$	62.1
Amortization/writeoff of debt issuance costs	1.5				2.1				2.8				4.2
Portion of rental expense representative of interest factor (assumed to be 33%)	5.8				6.7				12.0				13.2
Fixed charges	$	34.3			$	40.5			$	70.0			$	79.5
Ratio of earnings to fixed charges	4.4			x	4.2			x	2.8			x	3.2		x
Amount of earnings deficiency for coverage of fixed charges	$	—			$	—			$	—			$	—