EX-12 2 tex9302017-ex12.htm EXHIBIT 12 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
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, |
| 2017 |  | 2016 |  | 2017 |  | 2016 |
Earnings: |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes | $ | 56.7 |  |  | $ | 13.9 |  |  | $ | 86.6 |  |  | $ | 38.3 |  |
Adjustments: |  |  |  |  |  |  |  |
Undistributed (income) loss of less than 50% owned investments | (0.5 | ) |  | (0.3 | ) |  | 0.2 |  |  | 0.1 |  |
Fixed charges | 19.5 |  |  | 28.9 |  |  | 114.4 |  |  | 87.0 |  |
Earnings (loss) | $ | 75.7 |  |  | $ | 42.5 |  |  | $ | 201.2 |  |  | $ | 125.4 |  |
Fixed charges: |  |  |  |  |  |  |  |
Interest expense, including debt discount amortization | 14.5 |  |  | 24.0 |  |  | $ | 48.7 |  |  | $ | 71.5 |  |
Amortization/writeoff of debt issuance costs | 1.7 |  |  | 1.4 |  |  | 55.9 |  |  | 4.5 |  |
Portion of rental expense representative of interest factor (assumed to be 33%) | 3.3 |  |  | 3.5 |  |  | 9.8 |  |  | 11.0 |  |
Fixed charges | $ | 19.5 |  |  | $ | 28.9 |  |  | $ | 114.4 |  |  | $ | 87.0 |  |
Ratio of earnings to fixed charges | 3.9 |  |  | 1.5 |  |  | 1.8 |  |  | 1.4 |  |
Amount of earnings deficiency for coverage of fixed charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |