EX-12 2 tex123112ex-12.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES TEX 12.31.12 EX-12


EXHIBIT 12

TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions)
 
Year Ended December 31,
 
2012
 
 
2011
 
 
2010
 
 
2009
 
 
2008
 
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
155.6

 
 
$
84.5

 
 
$
(238.3
)
 
 
$
(523.8
)
 
 
$
84.0

 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undistributed (income) loss of less than 50% owned investments
(2.3
)
 
 
(3.5
)
 
 
(1.3
)
 
 
(0.3
)
 
 
(2.1
)
 
Fixed charges
283.7

 
 
171.2

 
 
173.1

 
 
148.0

 
 
124.3

 
Earnings (loss)
$
437.0

 
 
$
252.2

 
 
$
(66.5
)
 
 
$
(376.1
)
 
 
$
206.2

 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, including debt discount amortization
164.6

 
 
134.9

 
 
145.4

 
 
119.4

 
 
102.5

 
Amortization/writeoff of debt issuance costs
92.6

 
 
15.8

 
 
9.3

 
 
8.3

 
 
3.2

 
Portion of rental expense representative of interest factor (assumed to be 33%)
26.5

 
 
20.5

 
 
18.4

 
 
20.3

 
 
18.6

 
Fixed charges
$
283.7

 
 
$
171.2

 
 
$
173.1

 
 
$
148.0

 
 
$
124.3

 
RATIO OF EARNINGS TO FIXED CHARGES
1.5

x
 
1.5

x
 
—

(1)
 
—

(1)
 
1.7

x
AMOUNT OF EARNINGS DEFICIENCY FOR COVERAGE OF FIXED CHARGES
$
—

 
 
$
—

 
 
$
239.6

 
 
$
524.1

 
 
$
—

 
(1) Less than 1.0x