EXHIBIT 12
TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS)
|
| Year Ended December 31, |
| |||||||||||||
|
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| |||||
EARNINGS |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from continuing operations before income taxes |
| $ | (523.8 | ) | $ | 84.0 |
| $ | 783.2 |
| $ | 537.5 |
| $ | 225.3 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Undistributed income of less than 50% owned investments |
| (0.3 | ) | (2.1 | ) | (3.2 | ) | (2.1 | ) | (1.3 | ) | |||||
Fixed charges |
| 148.0 |
| 124.3 |
| 88.7 |
| 133.4 |
| 114.3 |
| |||||
(Loss) earnings |
| $ | (376.1 | ) | $ | 206.2 |
| $ | 868.7 |
| $ | 668.8 |
| $ | 338.3 |
|
FIXED CHARGES |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense, including debt discount amortization |
| $ | 119.4 |
| $ | 102.5 |
| $ | 64.2 |
| $ | 103.7 |
| $ | 94.2 |
|
Amortization/writeoff of debt issuance costs |
| 8.3 |
| 3.2 |
| 5.3 |
| 10.9 |
| 3.5 |
| |||||
Portion of rental expense representative of interest factor (assumed to be 33%) |
| 20.3 |
| 18.6 |
| 19.2 |
| 18.8 |
| 16.6 |
| |||||
Fixed charges |
| $ | 148.0 |
| $ | 124.3 |
| $ | 88.7 |
| $ | 133.4 |
| $ | 114.3 |
|
RATIO OF EARNINGS TO FIXED CHARGES |
| — | (1) | 1.7 | x | 9.8 | x | 5.0 | x | 3.0 | x | |||||
AMOUNT OF EARNINGS DEFICIENCY FOR COVERAGE OF FIXED CHARGES |
| $ | 524.1 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
(1) Less than 1.0x
