EX-12.1 13 a2089264zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 THE MANITOWOC COMPANY, INC. STATEMENT OF COMPUTATION OF RATIO OF EARNINGS EARNINGS TO FIXED CHARGES
PRO FORMA ---------------------------------------------------------------------- FOR THE SIX FOR THE TWELVE FOR THE TWELVE MONTHS ENDED MONTHS ENDED MONTHS ENDED JUNE 30, 2002 JUNE 30, 2002 DECEMBER 31, 2001 ------------------- ------------------ ---------------------- Net earnings from continuing operations $ 35,948 $ 32,992 $ 22,364 Fixed charges 35,232 73,021 73,019 ------------- ------------- -------- Total earnings available for fixed charges 71,180 106,013 95,383 Fixed Charges: Interest expense (1) $ 29,958 $ 62,472 $ 62,470 Amortization of deferred financing costs (1) 1,803 3,607 3,607 Portion of rent deemed interest factor (2) 3,471 6,942 6,942 ------------- ------------- -------- Total fixed charges 35,232 73,021 73,019 Ratio of earnings to fixed charges 2.0x 1.5x 1.3x
----------------------------------- HISTORICAL FOR THE SIX MONTHS ENDED JUNE 30, 2002 2001 ------------- ----------- Net earnings from continuing operations $ 43,722 $ 45,552 Fixed charges 24,695 15,590 ------------- --------- Total earnings available for fixed charges 68,417 61,142 Fixed Charges: Interest expense (1) 20,058 12,374 Amortization of deferred financing costs (1) 1,920 566 Portion of rent deemed interest factor (2) 2,717 2,650 ------------- --------- Total fixed charges 24,695 15,590 Ratio of earnings to fixed charges 2.8x 3.9x
EARNINGS TO FIXED CHARGES (in thousands, except Ratio Data) ------------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, ------------------------------------------------------------------- 2001 2000 1999 1998 1997 ------------ -------- --------- -------- -------- Net earnings from continuing operations $ 79,689 $ 96,120 $ 106,006 $ 81,412 $ 57,817 Fixed charges 42,778 17,352 12,406 10,690 7,360 ------------ -------- --------- -------- -------- Total earnings available for fixed charges 122,467 113,472 118,412 92,102 65,177 Fixed Charges: Interest expense (1) 34,274 13,836 10,153 9,321 5,930 Amortization of deferred financing costs (1) 3,204 672 637 420 300 Portion of rent deemed interest factor (2) 5,300 2,844 1,616 949 1,130 ------------ -------- --------- -------- -------- Total fixed charges 42,778 17,352 12,406 10,690 7,360 Ratio of earnings to fixed charges 2.9x 6.5x 9.5x 8.6x 8.9x
Notes for explanations: (1) Amortization of deferred financing costs is included in interest expense in the company's Consolidated Statement of Earnings:
PRO FORMA -------------------------------------------------------------- FOR THE SIX FOR THE TWELVE FOR THE TWELVE MONTHS ENDED MONTHS ENDED MONTHS ENDED JUNE 30, 2002 JUNE 30, 2002 DECEMBER 31, 2001 -------------- ------------------ ------------------------ Interest expense per statement of earnings $ 31,761 66,079 $ 66,077 Less amortization of deferred financing costs 1,803 3,607 3,607 -------- -------- -------- Interest expense $ 29,958 $ 62,472 $ 62,470 ======== ======== ========
------------------------ HISTORICAL FOR THE SIX MONTHS ENDED JUNE 30, 2002 2001 ------- ------ Interest expense per statement of earnings $ 21,978 $ 12,940 Less amortization of deferred financing costs 1,920 566 -------- -------- Interest expense $ 20,058 $ 12,374 ======== ========
FOR THE YEAR ENDED DECEMBER 31, --------------------------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- ------- -------- Interest expense per statement of earnings $ 37,478 $ 14,508 $ 10,790 $ 9,741 $ 6,230 Less amortization of deferred financing costs 3,204 672 637 420 300 -------- -------- -------- ------- -------- Interest expense $ 34,274 $ 13,836 $ 10,153 $ 9,321 $ 5,930 ======== ======== ======== ======= ========
(2) One third of all rent expense is deemed representative of the interest factor.