EXHIBIT 12
TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions)
Three Months Ended
March 31,
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2004 2003
Restated Restated
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Earnings:
Income before income taxes..................................................... $ 24.0 $ 13.7
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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.................................................................. 28.8 31.4
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Earnings........................................................................ 52.8 45.1
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Fixed charges, including preferred accretion:
Interest expense, including debt discount amortization......................... 22.5 25.9
Accretion of redeemable convertible preferred stock............................ --- ---
Amortization of debt issuance costs............................................ 1.4 1.3
Portion of rental expense representative of interest factor (assumed to be 33%) 4.9 4.2
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Fixed charges.................................................................. $ 28.8 $ 31.4
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Ratio of earnings to fixed charges.............................................. 1.8x 1.4x
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Amount of earnings deficiency for coverage of fixed charges..................... $ --- $ ---
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