EX-12 2 tex123116ex-12.htm EXHIBIT 12 EARNINGS TO FIXED CHARGE Exhibit


EXHIBIT 12

TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions)
 
Year Ended December 31,
 
 
2016
 
 
2015
 
 
2014
 
 
2013
 
 
2012
 
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
(270.7
)
 
 
$
195.7

 
 
$
278.6

 
 
$
284.2

 
 
$
104.5

 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undistributed (income) loss of less than 50% owned investments
(0.4
)
 
 
1.6

 
 
8.4

 
 
4.8

 
 
2.2

 
Fixed charges
117.0

 
 
124.6

 
 
141.9

 
 
149.9

 
 
256.4

 
Earnings (loss)
$
(154.1
)
 
 
$
321.9

 
 
$
428.9

 
 
$
438.9

 
 
$
363.1

 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, including debt discount amortization
96.6

 
 
102.8

 
 
115.3

 
 
120.1

 
 
151.2

 
Amortization/writeoff of debt issuance costs
5.8

 
 
5.4

 
 
10.0

 
 
13.7

 
 
89.2

 
Portion of rental expense representative of interest factor (assumed to be 33%)
14.6

 
 
16.4

 
 
16.6

 
 
16.1

 
 
16.0

 
Fixed charges
$
117.0

 
 
$
124.6

 
 
$
141.9

 
 
$
149.9

 
 
$
256.4

 
RATIO OF EARNINGS TO FIXED CHARGES
—

(1)
 
2.6

x
 
3.0

x
 
2.9

x
 
1.4

x
AMOUNT OF EARNINGS DEFICIENCY FOR COVERAGE OF FIXED CHARGES
$
271.1

 
 
$
—

 
 
$
—

 
 
$
—

 
 
$
—

 
(1) less than 1.0x