EXHIBIT 12
TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS)
YEAR ENDED DECEMBER 31,
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2003 2002 2001 2000
2004 RESTATED RESTATED RESTATED RESTATED
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EARNINGS
Income (loss) before income taxes and cumulative
effect of change in accounting principle $ 147.4 $ (50.7) $ (60.8) $ 0.4 $ 140.8
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 118.0 123.7 107.7 94.8 106.6
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Earnings 265.4 73.0 46.9 95.2 247.4
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COMBINED FIXED CHARGES, INCLUDING PREFERRED ACCRETION
Interest expense, including debt discount
amortization 92.1 99.9 92.6 86.7 100.2
Accretion of redeemable convertible preferred
stock -- -- -- -- --
Amortization/writeoff of debt issuance costs 4.6 5.5 4.8 3.8 3.5
Portion of rental expense representative of
interest factor (assumed to be 33%) 21.3 18.3 10.3 4.3 2.9
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Fixed charges $ 118.0 $ 123.7 $ 107.7 $ 94.8 $ 106.6
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES 2.2x --(1) --(1) 1.0x 2.3x
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AMOUNT OF EARNINGS DEFICIENCY FOR COVERAGE OF COMBINED
FIXED CHARGES $ -- $ 50.7 $ 60.8 $ -- $ --
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(1) Less than 1.0x