EX-12.1 8 a09-1275_1ex12d1.htm EX-12.1

Exhibit 12.1

 

The Manitowoc Company, Inc.

Statement of Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratio data)

 

 

 

For the Year Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

79.2

 

$

436.9

 

$

233.8

 

$

83.0

 

$

30.6

 

$

6.0

 

Fixed charges

 

65.6

 

45.5

 

54.2

 

61.0

 

62.9

 

61.6

 

Total earnings available for fixed charges

 

$

144.8

 

$

482.4

 

$

288.0

 

$

144.0

 

$

93.5

 

$

67.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

51.6

 

$

35.1

 

$

44.9

 

$

51.7

 

$

52.9

 

$

52.8

 

Amortization of deferred financing costs (1)

 

2.5

 

1.1

 

1.4

 

2.1

 

3.1

 

2.9

 

Portion of rent deemed interest factor (2)

 

11.5

 

9.3

 

7.9

 

7.2

 

6.9

 

5.9

 

Total fixed charges

 

$

65.6

 

$

45.5

 

$

54.2

 

$

61.0

 

$

62.9

 

$

61.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.2x

 

10.6x

 

5.3x

 

2.4x

 

1.5x

 

1.1x

 

 

Notes for explanations:

 

(1)    Amortization of deferred financing costs is included in interest expense in the company’s Consolidated Statement of Operations:

 

Interest expense per Consolidated Statements of Operations

 

$

54.1

 

$

36.2

 

$

46.3

 

$

53.8

 

$

56.0

 

$

55.7

 

Less amortization of deferred financing costs

 

2.5

 

1.1

 

1.4

 

2.1

 

3.1

 

2.9

 

Interest expense

 

$

51.6

 

$

35.1

 

$

44.9

 

$

51.7

 

$

52.9

 

$

52.8

 

 

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

 

1