EX-12 2 w50135exv12.htm STATEMENT REGARDING 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)
                                           
      2007     2006     2005     2004     2003  
Earnings:
                                         
Income from continuing operations (1)
    $ 228,020     $ 181,934     $ 136,357     $ 108,991     $ 84,190  
Income tax expense
      108,424       81,752       61,930       51,728       40,960  
Interest expense — gross
      47,065       42,304       33,103       28,343       26,063  
Capitalized interest
      (199 )     (137 )     (190 )           (46 )
Amortization of debt financing costs (2)
                               
Interest portion of rental expense (est.)
      6,359       5,062       4,843       3,757       2,998  
 
                               
Adjusted earnings
    $ 389,669     $ 310,915     $ 236,043     $ 192,819     $ 154,165  
 
                               
 
                                         
Fixed Charges:
                                         
Interest expense, net of capitalized interest
    $ 46,866     $ 42,167     $ 32,913     $ 28,343     $ 26,017  
Capitalized interest
      199       137       190             46  
Interest portion of rental expense
      6,359       5,062       4,843       3,757       2,998  
 
                               
Fixed charges
    $ 53,424     $ 47,366     $ 37,946     $ 32,100     $ 29,061  
 
                               
 
                                         
Ratio of adjusted earnings to fixed charges
      7.3 x     6.6 x     6.2 x     6.0 x     5.3 x
 
                               
 
 
(1)   Results for 2005-2003 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 2005-2003 net income by $4.3 million, $3.7 million and $3.6 million, respectively.
 
(2)   - Included in interest expense.