EX-12 2 a11-2438_1ex12.htm EX-12

EXHIBIT 12

 

TEREX CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN MILLIONS)

 

 

 

Year Ended December 31,

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

EARNINGS

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

(238.3)

 

$

(523.8)

 

$

84.0  

 

$

783.2  

 

$

537.5  

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Undistributed income of less than 50% owned investments

 

(1.3)

 

(0.3)

 

(2.1) 

 

(3.2) 

 

(2.1) 

 

Fixed charges

 

173.1 

 

148.0 

 

124.3  

 

88.7  

 

133.4  

 

(Loss) earnings

 

$

(66.5)

 

$

(376.1)

 

$

206.2  

 

$

868.7  

 

$

668.8  

 

FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including debt discount amortization

 

$

145.4 

 

$

119.4 

 

$

102.5  

 

$

64.2  

 

$

103.7  

 

Amortization/writeoff of debt issuance costs

 

9.3 

 

8.3 

 

3.2  

 

5.3  

 

10.9  

 

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

 

18.4 

 

20.3 

 

18.6  

 

19.2  

 

18.8  

 

Fixed charges

 

$

173.1 

 

$

148.0 

 

$

124.3  

 

$

88.7  

 

$

133.4  

 

RATIO OF EARNINGS TO FIXED CHARGES

 

—(1)   

 

—(1)   

 

1.7  

x

9.8  

x

5.0  

x

AMOUNT OF EARNINGS DEFICIENCY FOR COVERAGE OF FIXED CHARGES

 

$

239.6 

 

$

524.1 

 

$

—    

 

$

—    

 

$

—    

 

 

(1) Less than 1.0x