EXHIBIT 12.1 TEREX CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (amounts in millions) Three Months Ended Year Ended December 31, March 31, ------------------------------------------------------ ----------------------- 2000 1999 1998 1997 1996 2001 2000 --------- ---------- ---------- ---------- ---------- ---------- ----------- Earnings Income (loss) before taxes and minority $ 159.6 $ 98.4 $ 74.5 $ 31.0 $ (42.2) $ 18.2 $ 29.5 interest.................................... Adjustments: Minority interest in losses of consolidated subsidiaries.............................. --- --- --- --- --- --- --- Undistributed (income) loss of less than 50% owned investments..................... --- --- --- --- --- --- --- Distributions from less than 50% owned investments............................... --- --- --- --- --- --- --- Fixed charges............................... 106.2 88.4 52.4 49.0 72.2 22.8 27.6 -------- ---------- ---------- ---------- ---------- ---------- ---------- Earnings...................................... 265.8 186.8 126.9 80.0 30.0 41.0 57.1 -------- ---------- ---------- ---------- ---------- ---------- ---------- Combined fixed charges, including preferred accretion Interest expense, including debt discount amortization................................ 99.8 82.8 47.2 39.4 45.2 21.0 26.0 Accretion of redeemable convertible preferred stock........................ --- --- --- 4.8 22.9 --- --- Amortization/writeoff of debt issuance costs.. 3.5 2.6 2.1 2.6 2.6 0.6 0.9 Portion of rental expense representative of interest factor (assumed to be 33%)......... 2.9 3.0 3.1 2.2 1.5 1.2 0.7 -------- ---------- ---------- ---------- ---------- ---------- ---------- Fixed charges.................................$ 106.2 $ 88.4 $ 52.4 $ 49.0 $ 72.2 $ 22.8 $ 27.0 -------- ---------- ---------- ---------- ---------- ---------- ---------- Ratio of earnings to combined fixed charges..... 2.5x 2.1x 2.4x 1.6x (1) 1.8x 2.1x ======== ========== ========== ========== ========== ========== ========== Amount of earnings deficiency for coverage of combined fixed charges.......................$ --- $ --- $ --- $ --- $ 42.2 $ --- $ --- ======== ========== ========== ========== ========== ========== ========== (1) Less than 1.0x