EX-12.1 5 d696116dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

TITAN INTERNATIONAL, INC.

COMPUTATION OF EARNINGS TO FIXED CHARGES

(Amounts in thousands)

		Year ended December 31,
		2009				2010				2011				2012				2013
Earnings:
Earnings (loss) before income taxes		$	(32,002	)		$	(9,190	)		$	95,895			$	192,251			$	54,734
Add:
Fixed charges			18,852				27,203				25,642				28,283				49,265
Amortization of capitalized interest			488				613				613				613				573
Deduct:
Capitalized interest			1,987				0				0				74				237
Earnings available for fixed charges		$	(14,649	)		$	18,626			$	122,150			$	221,073			$	104,335
Fixed charges:
Interest expense		$	16,246			$	26,667			$	25,259			$	27,658			$	47,120
Capitalized interest			1,987				0				0				74				237
Interest component of rental expense (a)			619				536				383				551				1,908
Total fixed charges		$	18,852			$	27,203			$	25,642			$	28,283			$	49,265
Ratio of earnings to fixed charges (b)			n/a				0.68				4.76				7.82				2.12

(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, 2009, by $33.5 million.