EX-12.1 2 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,																				Three months ended March 31
		2009				2010				2011				2012				2013				2013				2014
Earnings:
Earnings (loss) before income taxes		$	(32,002	)		$	(9,190	)		$	95,895			$	192,251			$	54,734			$	31,588			$	(8,479	)
Add:
Fixed charges			18,852				27,203				25,642				28,283				49,265				10,992				9,878
Amortization of capitalized interest			488				613				613				613				573				153				132
Deduct:
Capitalized interest			1,987				0				0				74				237				109				0
Earnings available for fixed charges		$	(14,649	)		$	18,626			$	122,150			$	221,073			$	104,335			$	42,624			$	1,531
Fixed charges:
Interest expense		$	16,246			$	26,667			$	25,259			$	27,658			$	47,120			$	10,441			$	9,259
Capitalized interest			1,987				0				0				74				237				109				0
Interest component of rental expense (a)			619				536				383				551				1,908				442				619
Total fixed charges		$	18,852			$	27,203			$	25,642			$	28,283			$	49,265			$	10,992			$	9,878
Ratio of earnings to fixed charges (b)			n/a				0.68				4.76				7.82				2.12				3.88				0.15

(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.