EX-12 4 b413316ex12.htm EXHIBIT 12 Prepared and filed by St Ives Financial

Exhibit 12

TEREX CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions)

  

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

 

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

114.0

 

$

70.9

 

$

161.2

 

$

94.9

 

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

 

 

29.4

 

 

29.3

 

 

58.9

 

 

58.1

 

 

 

 

 

 

 

Earnings

 

$

143.4

 

$

100.2

 

$

220.1

 

$

153.0

 

 

 

 

 

 

 

Fixed charges, including preferred accretion:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including debt discount amortization

 

$

23.8

 

$

23.4

 

$

47.4

 

$

45.9

 

Accretion of redeemable convertible preferred stock

 

 

—

 

 

—

 

 

—

 

 

—

 

Amortization of debt issuance costs

 

 

0.8

 

 

1.3

 

 

1.7

 

 

2.7

 

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

 

 

4.8

 

 

4.6

 

 

9.8

 

 

9.5

 

 

 

 

 

 

 

Fixed charges

 

$

29.4

 

$

29.3

 

$

58.9

 

$

58.1

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

4.9

x

 

3.4

x

 

3.7

x

 

2.6

x

 

 

 

 

 

 

Amount of earnings deficiency for coverage of fixed charges

 

$

—

 

$

—

 

$

—

 

$

—