EXHIBIT 12.1
THE MANITOWOC COMPANY, INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
EARNINGS TO FIXED CHARGES
PRO FORMA
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FOR THE SIX FOR THE TWELVE FOR THE TWELVE
MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, 2002 JUNE 30, 2002 DECEMBER 31, 2001
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Net earnings from continuing operations $ 35,948 $ 32,992 $ 22,364
Fixed charges 35,232 73,021 73,019
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Total earnings available for fixed charges 71,180 106,013 95,383
Fixed Charges:
Interest expense (1) $ 29,958 $ 62,472 $ 62,470
Amortization of deferred financing costs (1) 1,803 3,607 3,607
Portion of rent deemed interest factor (2) 3,471 6,942 6,942
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Total fixed charges 35,232 73,021 73,019
Ratio of earnings to fixed charges 2.0x 1.5x 1.3x
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HISTORICAL
FOR THE SIX MONTHS ENDED
JUNE 30,
2002 2001
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Net earnings from continuing operations $ 43,722 $ 45,552
Fixed charges 24,695 15,590
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Total earnings available for fixed charges 68,417 61,142
Fixed Charges:
Interest expense (1) 20,058 12,374
Amortization of deferred financing costs (1) 1,920 566
Portion of rent deemed interest factor (2) 2,717 2,650
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Total fixed charges 24,695 15,590
Ratio of earnings to fixed charges 2.8x 3.9x
EARNINGS TO FIXED CHARGES
(in thousands, except Ratio Data)
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FOR THE YEAR ENDED DECEMBER 31,
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2001 2000 1999 1998 1997
------------ -------- --------- -------- --------
Net earnings from continuing operations $ 79,689 $ 96,120 $ 106,006 $ 81,412 $ 57,817
Fixed charges 42,778 17,352 12,406 10,690 7,360
------------ -------- --------- -------- --------
Total earnings available for fixed charges 122,467 113,472 118,412 92,102 65,177
Fixed Charges:
Interest expense (1) 34,274 13,836 10,153 9,321 5,930
Amortization of deferred financing costs (1) 3,204 672 637 420 300
Portion of rent deemed interest factor (2) 5,300 2,844 1,616 949 1,130
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Total fixed charges 42,778 17,352 12,406 10,690 7,360
Ratio of earnings to fixed charges 2.9x 6.5x 9.5x 8.6x 8.9x
Notes for explanations:
(1) Amortization of deferred financing costs is included in interest expense in
the company's Consolidated Statement of Earnings:
PRO FORMA
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FOR THE SIX FOR THE TWELVE FOR THE TWELVE
MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, 2002 JUNE 30, 2002 DECEMBER 31, 2001
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Interest expense per statement of earnings $ 31,761 66,079 $ 66,077
Less amortization of deferred financing costs 1,803 3,607 3,607
-------- -------- --------
Interest expense $ 29,958 $ 62,472 $ 62,470
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HISTORICAL
FOR THE SIX MONTHS ENDED
JUNE 30,
2002 2001
------- ------
Interest expense per statement of earnings $ 21,978 $ 12,940
Less amortization of deferred financing costs 1,920 566
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Interest expense $ 20,058 $ 12,374
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FOR THE YEAR ENDED DECEMBER 31,
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2001 2000 1999 1998 1997
-------- -------- -------- ------- --------
Interest expense per statement of earnings $ 37,478 $ 14,508 $ 10,790 $ 9,741 $ 6,230
Less amortization of deferred financing costs 3,204 672 637 420 300
-------- -------- -------- ------- --------
Interest expense $ 34,274 $ 13,836 $ 10,153 $ 9,321 $ 5,930
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(2) One third of all rent expense is deemed representative of the interest
factor.