EX-12 2 tex3312018-ex12.htm EXHIBIT 12 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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

 
Three Months Ended
March 31,
 
 
2018
 
 
2017
 
Earnings:
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
59.0

 
 
$
(88.6
)
 
Adjustments:
 
 
 
 
 
Undistributed (income) loss of less than 50% owned investments
0.5

 
 
1.1

 
Fixed charges
20.0

 
 
70.2

 
Earnings (loss)
$
79.5

 
 
$
(17.3
)
 
Fixed charges:
 
 
 
 
 
Interest expense, including debt discount amortization
$
15.0

 
 
$
20.2

 
Amortization of debt issue cost
1.0

 
 
1.2

 
Loss on early extinguishment of debt
0.7

 
 
45.4

 
Portion of rental expense representative of interest factor (assumed to be 33%)
3.3

 
 
3.4

 
Fixed charges
$
20.0

 
 
$
70.2

 
Ratio of earnings to fixed charges
4.0

x
 
—

(1)
Amount of earnings deficiency for coverage of fixed charges
$
—

 
 
$
87.5

 
(1) less than 1.0x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Calculation excluding loss on early extinguishment of debt:
 
 
 
 
 
Ratio of earnings to fixed charges
4.1

x
 
—

(1)
Amount of earnings deficiency for coverage of fixed charges
$
—

 
 
$
87.5

 
(1) less than 1.0x