EX-12.1 56 manx12-1.txt STATEMENT RE COMPUTATION OF EARNINGS Exhibit 12.1 The Manitowoc Company, Inc. Computation of Ratio of Earnings to Fixed Charges (Thousands of dollars, except ratios)
For the Year Ended December 31, -------------------------------------------------------------------------------------------- 1996 1997 1998 1999 2000 Pro Forma 2000 ------------ ----------- ------------ ------------ ----------- ------------- Earnings: Earnings before income on taxes $42,506 $57,817 $81,412 $106,006 $96,120 $83,089 Add-Fixed charges 10,588 7,360 10,690 12,406 17,352 52,878 ------------ ----------- ------------ ------------ ----------- ------------- Earnings available $53,094 $65,177 $92,102 $118,412 $113,472 $135,967 for fixed charges ============ =========== ============ ============ =========== ============= Fixed charges: Interest expense(1) 9,097 6,230 9,741 10,790 14,508 49,502 Interest portion of rental expense(2) 1,491 1,130 949 1,616 2,844 3,376 ------------ ----------- ------------ ------------ ----------- ------------- Total fixed charges $10,588 $7,360 $10,690 $12,406 $17,352 $52,878 ============ =========== ============ ============ =========== ============= Ratio of earnings to fixed charges 5.0 8.9 8.6 9.5 6.5 2.6 ============ =========== ============ ============ =========== ============= For the Three Months Ended March 31, -------------------------------------------- 2000 2001 Pro Forma 2001 ------------ ------------ ------------ Earnings: Earnings before income on taxes $23,861 $15,818 Add-Fixed charges 3,222 4,915 ------------ ------------ ------------ Earnings available $27,083 $20,733 $-- for fixed charges ============ ============ ============ Fixed charges: Interest expense(1) 2,511 4,096 Interest portion of rental expense(2) 711 819 ------------ ------------ ------------ Total fixed charges $3,222 $4,915 $-- ============ ============ ============ Ratio of earnings to fixed charges 8.4 4.2 ============ ============ ============ (1) Interest expense includes amortization of deferred financing costs. (2) 33% of rental expense is deemed representative of the interest factor.