EX-12 5 mtw-ex12_9.htm EX-12

Exhibit 12

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, |
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
(Loss) income from continuing operations before taxes (1) |  | $ | (39.5 | ) |  | $ | (268.1 | ) |  | $ | (111.0 | ) |  | $ | (20.4 | ) |  | $ | 13.8 |
Fixed charges |  |  | 48.1 |  |  |  | 49.9 |  |  |  | 109.1 |  |  |  | 108.5 |  |  |  | 145.3 |
Total (loss) income available for fixed charges |  | $ | 8.6 |  |  | $ | (218.2 | ) |  | $ | (1.9 | ) |  | $ | 88.1 |  |  | $ | 159.1 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 39.2 |  |  | $ | 39.6 |  |  | $ | 95.6 |  |  | $ | 92.8 |  |  | $ | 127.4 |
Amortization of deferred financing fees |  |  | 1.9 |  |  |  | 2.2 |  |  |  | 4.2 |  |  |  | 4.4 |  |  |  | 7.0 |
Portion of rent deemed interest factor (2) |  |  | 7.0 |  |  |  | 8.1 |  |  |  | 9.3 |  |  |  | 11.3 |  |  |  | 10.9 |
Total fixed charges |  | $ | 48.1 |  |  | $ | 49.9 |  |  | $ | 109.1 |  |  | $ | 108.5 |  |  | $ | 145.3 |
Ratio of (loss) income to fixed charges |  | * |  |  | ** |  |  | *** |  |  | **** |  |  | 1.1x |

Notes for explanations:

(1) | 2016 and 2015 amounts include the impact of non-cash impairment changes of $96.9 million and $15.3 million, respectively.

(2) | One-third of all rent expense is deemed representative of the interest factor.

* | The ratio coverage for the year ended December 31, 2017 was less than 1:1. The Company would have needed to generate additional earnings of $39.5 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2017.

** | The ratio coverage for the year ended December 31, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $268.1 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2016.

*** | The ratio coverage for the year ended December 31, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $111.0 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2015.

**** | The ratio coverage for the year ended December 31, 2014 was less than 1:1. The Company would have needed to generate additional earnings of $20.4 million to achieve a ratio coverage of 1:1 for the year ended December 31, 2014.