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