EX-12 2 ex12-1.txt CALC. OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1
TEREX CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (amounts in millions) Three Months Ended Year Ended December 31, March 31, ------------------------------------------------------ ----------------------- 2000 1999 1998 1997 1996 2001 2000 --------- ---------- ---------- ---------- ---------- ---------- ----------- Earnings Income (loss) before taxes and minority $ 159.6 $ 98.4 $ 74.5 $ 31.0 $ (42.2) $ 18.2 $ 29.5 interest.................................... Adjustments: Minority interest in losses of consolidated subsidiaries.............................. --- --- --- --- --- --- --- Undistributed (income) loss of less than 50% owned investments..................... --- --- --- --- --- --- --- Distributions from less than 50% owned investments............................... --- --- --- --- --- --- --- Fixed charges............................... 106.2 88.4 52.4 49.0 72.2 22.8 27.6 -------- ---------- ---------- ---------- ---------- ---------- ---------- Earnings...................................... 265.8 186.8 126.9 80.0 30.0 41.0 57.1 -------- ---------- ---------- ---------- ---------- ---------- ---------- Combined fixed charges, including preferred accretion Interest expense, including debt discount amortization................................ 99.8 82.8 47.2 39.4 45.2 21.0 26.0 Accretion of redeemable convertible preferred stock........................ --- --- --- 4.8 22.9 --- --- Amortization/writeoff of debt issuance costs.. 3.5 2.6 2.1 2.6 2.6 0.6 0.9 Portion of rental expense representative of interest factor (assumed to be 33%)......... 2.9 3.0 3.1 2.2 1.5 1.2 0.7 -------- ---------- ---------- ---------- ---------- ---------- ---------- Fixed charges.................................$ 106.2 $ 88.4 $ 52.4 $ 49.0 $ 72.2 $ 22.8 $ 27.0 -------- ---------- ---------- ---------- ---------- ---------- ---------- Ratio of earnings to combined fixed charges..... 2.5x 2.1x 2.4x 1.6x (1) 1.8x 2.1x ======== ========== ========== ========== ========== ========== ========== Amount of earnings deficiency for coverage of combined fixed charges.......................$ --- $ --- $ --- $ --- $ 42.2 $ --- $ --- ======== ========== ========== ========== ========== ========== ==========
(1) Less than 1.0x