EX-12 3 w28783exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
AMETEK, Inc.
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
                                         
    2006     2005     2004     2003     2002  
Earnings:
                                       
Income from continuing operations (1)
  $ 181,934     $ 136,357     $ 108,991     $ 84,190     $ 80,377  
Income tax expense
    81,752       61,930       51,728       40,960       38,010  
Interest expense — gross
    42,304       33,103       28,343       26,063       25,498  
Capitalized interest
    (137 )     (190 )           (46 )     (317 )
Amortization of debt financing costs (2)
                             
Interest portion of rental expense (est.)
    5,062       4,843       3,757       2,998       2,839  
 
                             
Adjusted earnings
  $ 310,915     $ 236,043     $ 192,819     $ 154,165     $ 146,407  
 
                             
 
                                       
Fixed Charges:
                                       
Interest expense, net of capitalized interest
  $ 42,167     $ 32,913     $ 28,343     $ 26,017     $ 25,181  
Capitalized interest
    137       190             46       317  
Interest portion of rental expense
    5,062       4,843       3,757       2,998       2,839  
 
                             
Fixed charges
  $ 47,366     $ 37,946     $ 32,100     $ 29,061     $ 28,337  
 
                             
 
                                       
Ratio of adjusted earnings to fixed charges
    6.6 x     6.2 x     6.0 x     5.3 x     5.2 x
 
                             
 
(1)   Results for 2005-2002 have been adjusted to reflect the retrospective application of FAS 123R to expense stock options, which was adopted effective January 1, 2006. The retrospective application reduced 2005-2002 net income by $4.3 million, $3.7 million, $3.6 million and $3.3 million, respectively.
 
(2)   - Included in interest expense.