EX-12 35 exh12ratioofearningstofixe.htm EXHIBIT 12 Exh 12 Ratio of Earnings to Fixed Charges 12.31.13


Exhibit 12
Trinity Industries, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
 
 
For the year ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
($ in millions)
Earnings:
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before provision (benefit) for income taxes
$
590.5

 
$
385.9

 
$
239.0

 
$
106.7

 
$
(152.2
)
Add:
 
 
 
 
 
 
 
 
 
Fixed Charges
212.3

 
216.6

 
205.7

 
202.5

 
145.1

Amortization of capitalized interest
0.2

 
0.2

 
0.2

 
0.2

 
0.3

Total earnings (loss) from continuing operations before provision (benefit) for income taxes
$
803.0

 
$
602.7

 
$
444.9

 
$
309.4

 
$
(6.8
)
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
187.3

 
$
194.7

 
$
185.3

 
$
182.1

 
$
123.2

Portion of rental expense representative of interest
25.0

 
21.9

 
20.4

 
20.4

 
21.9

 
212.3

 
216.6

 
205.7

 
202.5

 
145.1

Capitalized interest
—

 
—

 
—

 
—

 
—

Total Fixed Charges
$
212.3

 
$
216.6

 
$
205.7

 
$
202.5

 
$
145.1

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
3.78

 
2.78

 
2.16

 
1.53

 
—

Footnote:
Earnings for the year ended December 31, 2009 included a $325 million goodwill impairment charge. Earnings were inadequate to cover fixed charges for the year ended December 31, 2009. The deficiency for this period was $151.9 million.