EXHIBIT 12.1
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TEREX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions)
Three Months Ended Nine months Ended
September 30, September 30,
------------------------- -------------------------
2000 1999 2000 1999
------------ ------------ ----------- -------------
Earnings
Income (loss) before taxes and minority
<S> <C> <C> <C> <C>
interest.............................. $ 80.0 $ 31.0 $ 147.7 $ 88.9
Adjustments:
Minority interest in losses of
consolidated subsidiaries............. --- --- --- ---
Undistributed (income) loss of less
than 50% owned investments............ --- --- --- ---
Distributions from less than 50%
owned investments..................... --- --- --- ---
Fixed charges......................... 28.2 21.8 83.3 53.7
------------ ------------ ----------- ------------
Earnings................................ 108.2 52.8 231.0 142.6
------------ ------------ ----------- ------------
Combined fixed charges, including
preferred accretion
Interest expense, including debt
discount amortization................. 26.0 20.0 77.7 48.9
Accretion of redeemable convertible
preferred stock........................ --- --- --- ---
Amortization/writeoff of debt issuance
costs................................. 0.9 0.6 2.7 1.7
Portion of rental expense
representative of interest factor
(assumed to be 33%)................... 1.3 1.2 2.9 3.1
------------ ------------ ----------- ------------
Fixed charges........................... $ 28.2 $ 21.8 $ 83.3 $ 53.7
------------ ------------ ----------- ------------
Ratio of earnings to combined fixed
charges............................... 3.8x 2.4x 2.8x 2.7x
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