EX-12.1 6 k49669exv12w1.htm EX-12.1

exv12w1

Exhibit 12.1

TITAN INTERNATIONAL, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Amounts in thousands)

																						Nine months ended
		Year ended December 31,																				September 30,
		2005				2006				2007				2008				2009				2009				2010
Earnings:
Earnings (loss) before income taxes		$	(2,885	)		$	8,574			$	(3,884	)		$	23,010			$	(32,002	)		$	2,112			$	17,479
Add:
Fixed charges			9,411				17,789				19,853				19,061				18,852				13,983				20,128
Amortization of capitalized interest			0				0				0				182				488				273				460
Distributed income of equity investees			914				0				0				0				0				0				0
Deduct:
Earnings of equity investees			2,938				0				0				0				0				0				0
Capitalized interest			0				0				392				3,203				1,987				1,683				0
Earnings available for fixed charges		$	4,502			$	26,363			$	15,577			$	39,050			$	(14,649	)		$	14,685			$	38,067
Fixed charges:
Interest expense		$	8,617			$	17,001			$	18,710			$	15,122			$	16,246			$	11,819			$	19,713
Capitalized interest			0				0				392				3,203				1,987				1,683				0
Interest component of rental expense (a)			794				788				751				736				619				481				415
Total fixed charges		$	9,411			$	17,789			$	19,853			$	19,061			$	18,852			$	13,983			$	20,128
Ratio of earnings to fixed charges (b)			n/a				1.48				n/a				2.05				n/a				1.05				1.89

(a)		The interest component of rental expense was estimated to be one-fourth of lease rental expense.
(b)		Earnings were insufficient to cover fixed charges for the year ended December 31, 2005, 2007 and 2009, by $4.9 million, $4.3 million, and $33.5 million, respectively.