EX-12 2 tex93013-ex12.htm CALCULATION OF RATIO OF EARNNGS TO FIXED CHARGES TEX 9.30.13-EX12


Exhibit 12
    
TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions)

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2013
 
 
2012
 
2013
 
 
2012
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
109.4

 
 
$
37.1

 
$
191.7

 
 
$
192.1

 
Adjustments:
 
 
 
 
 
 
 
 
 
 
Undistributed (income) loss of less than 50% owned investments
(1.6
)
 
 
(0.2
)
 
(3.4
)
 
 
(1.9
)
 
Fixed charges
38.8

 
 
101.3

 
126.6

 
 
209.5

 
Earnings
$
146.6

 
 
$
138.2

 
$
314.9

 
 
$
399.7

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, including debt discount amortization
$
31.8

 
 
$
42.6

 
$
96.6

 
 
$
130.0

 
Amortization/writeoff of debt issuance costs
2.0

 
 
52.2

 
11.5

 
 
59.6

 
Portion of rental expense representative of interest factor (assumed to be 33%)
5.0

 
 
6.5

 
18.5

 
 
19.9

 
Fixed charges
$
38.8

 
 
$
101.3

 
$
126.6

 
 
$
209.5

 
Ratio of earnings to fixed charges
3.8

x
 
1.4

x
2.5

x
 
1.9

x
Amount of earnings deficiency for coverage of fixed charges
$
—

 
 
$
—

 
$
—

 
 
$
—