EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The computation of Ratio of Earnings to Fixed Charges as shown on this Exhibit 12 is provided pursuant to Items 503(d) and 601(12) of Regulation S-K.

In the first quarter of 2013, the Company’s previously issued Consolidated Statements of Operations were restated to reflect the operating results of Workhorse Custom Chassis and certain operating results of Monaco recreational vehicle business as discontinued operations. The following table has been restated to reflect this change.

(in millions)	2012			2011			2010			2009			2008
Income (loss) from continuing operations before taxes(A)	$	(1,082	)	$	506		$	388		$	395		$	158
Less: Net income attributable to non-controlling interests		(48	)		(55	)		(44	)		(25	)		—
Dividends from non-consolidated affiliates		7			4			5			59			85
Interest expense(B)		213			203			215			235			456
Debt amortization expense		46			44			38			16			13
Interest portion of rent expense(C)		21			18			19			18			17
Total earnings (loss)	$	(843	)	$	720		$	621		$	698		$	729
Capitalized interest	$	9		$	18		$	4		$	1		$	5
Interest expense(B) and interest portion of rent expense(C)		234			221			234			253			473
Debt amortization expense		46			44			38			16			13
Total fixed charges	$	289		$	283		$	276		$	270		$	491
Ratio of earnings to fixed charges		—			2.54			2.25			2.59			1.48
Earnings shortfall	$	(1,132	)	$	—		$	—		$	—		$	—

(A) Excludes equity in income (loss) of non-consolidated affiliates.

(B) Excludes interest expense on income tax contingencies.

(C) Represents an estimated amount of rental expense (33%) that is deemed to be representative of the interest factor.