EX-12.1 3 mtw-20141231x10kxex121.htm EXHIBIT 12.1
Exhibit 12.1
The Manitowoc Company, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio data)

|  | For the Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |
Earnings (loss) from continuing operations before income taxes (1) |  | $ | 169.4 |  |  | $ | 225.2 |  |  | $ | 146.9 |  |  | $ | 46.3 |  |  | $ | (38.0 | ) |
Fixed charges |  | 115.8 |  |  | 151.8 |  |  | 160.7 |  |  | 171.9 |  |  | 210.8 |  |
Total earnings (loss) available for fixed charges |  | $ | 285.2 |  |  | $ | 377.0 |  |  | $ | 307.6 |  |  | $ | 218.2 |  |  | $ | 172.8 |  |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 94.0 |  |  | $ | 128.4 |  |  | $ | 135.6 |  |  | $ | 145.4 |  |  | $ | 173.8 |  |
Amortization of deferred financing costs |  | 4.4 |  |  | 7.0 |  |  | 8.2 |  |  | 10.4 |  |  | 22.0 |  |
Portion of rent deemed interest factor (2) |  | 17.4 |  |  | 16.4 |  |  | 16.9 |  |  | 16.1 |  |  | 15.0 |  |
Total fixed charges |  | $ | 115.8 |  |  | $ | 151.8 |  |  | $ | 160.7 |  |  | $ | 171.9 |  |  | $ | 210.8 |  |
Ratio of earnings to fixed charges (3) |  | 2.5x |  |  | 2.5x |  |  | 1.9x |  |  | 1.3x |  |  | n/a |  |

Notes for explanations:
(1) One third of all rent expense is deemed representative of the interest factor.
(2) Additional earnings of $38.0 million in 2010 would have been needed to reach a ratio of earnings to fixed charges of 1.0x.
(3) 2014 amounts include the impact of $1.1 million of non-cash impairment changes