EX-12.1 2 mtw-20151231x10kxex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
The Manitowoc Company, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio data)
 
 
 
For the Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
Earnings from continuing operations before income taxes (1)
 
$
56.6

 
$
169.4

 
$
225.2

 
$
146.9

 
$
46.3

 
Fixed charges
 
116.7

 
115.8

 
151.8

 
160.7

 
171.9

 
Total earnings available for fixed charges
 
$
173.3

 
$
285.2

 
$
377.0

 
$
307.6

 
$
218.2

 
Fixed charges:
 
 

 
 

 
 

 
 

 
 

 
Interest expense
 
$
97.0

 
$
94.0

 
$
128.4

 
$
135.6

 
$
145.4

 
Amortization of deferred financing costs
 
4.2

 
4.4

 
7.0

 
8.2

 
10.4

 
Portion of rent deemed interest factor (2)
 
15.5

 
17.4

 
16.4

 
16.9

 
16.1

 
Total fixed charges
 
$
116.7

 
$
115.8

 
$
151.8

 
$
160.7

 
$
171.9

 
Ratio of earnings to fixed charges
 
1.5x

 
2.5x

 
2.5x

 
1.9x

 
1.3x

 
 

Notes for explanations:
 
(1) 2015 and 2014 amounts include the impact of non-cash impairment changes of of $24.4 million and $1.1 million, respectively.

(2) One third of all rent expense is deemed representative of the interest factor.