Exhibit 12(a)
Tennant Company
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars)
Ratio of Earnings to Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Year ended December 31, |
| Nine Months ended |
| ||||||||||||||||||
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2008 |
| 2009 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Profit (loss) before income taxes |
| $ | 21,379 |
| $ | 34,994 |
| $ | 43,302 |
| $ | 57,712 |
| $ | 17,575 |
| $ | 41,091 |
| $ | (29,890 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense |
|
| 1,147 |
|
| 564 |
|
| 737 |
|
| 898 |
|
| 3,944 |
|
| 2,827 |
|
| 2,290 |
|
Amortization of debt expense |
|
| 63 |
|
| 38 |
|
| — |
|
| 21 |
|
| 55 |
|
| 40 |
|
| 189 |
|
Interest component of rental expense (estimated) |
|
| 2,994 |
|
| 2,992 |
|
| 3,970 |
|
| 4,549 |
|
| 4,980 |
|
| 3,202 |
|
| 2,954 |
|
Total Fixed Charges |
|
| 4,204 |
|
| 3,594 |
|
| 4,707 |
|
| 5,468 |
|
| 8,979 |
|
| 6,069 |
|
| 5,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Profit (loss) before income taxes plus fixed charges |
| $ | 25,583 |
| $ | 38,588 |
| $ | 48,009 |
| $ | 63,180 |
| $ | 26,554 |
| $ | 47,160 |
| $ | (24,457 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ratio of Earnings to Fixed Charges |
|
| 6.1 |
|
| 10.7 |
|
| 10.2 |
|
| 11.6 |
|
| 3.0 |
|
| 7.8 |
|
| (A) |
|
(A) For the nine months ended September 30, 2009, earnings were inadequate to cover fixed charges. The deficiency of $29.9 million was the result of a $43.4 million non-cash goodwill impairment charge.