EX-12 22 exh-12.txt COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12 INGERSOLL-RAND COMPANY COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar amounts in millions) Years Ended December 31, Fixed charges: 2001 2000 1999 1998 1997 Interest expense........................... $254.3 $ 286.6 $ 204.5 $ 225.9 $137.5 Amortization of debt discount and expense.. 8.8 6.1 6.7 7.0 2.0 Rentals (one-third of rentals)............. 36.3 28.2 23.9 23.8 23.3 Capitalized interest....................... 4.0 4.4 4.0 4.0 3.2 Equity-linked security charges............ 8.3 25.6 25.6 19.7 0.0 Total fixed charges.......................... $311.7 $ 350.9 $ 264.7 $ 280.4 $166.0 Net earnings from continuing operations $246.2 $ 546.2 $ 563.1 $ 481.6 $367.6 Add: Minority income of majority- owned subsidiaries.................. 20.1 39.3 29.1 23.5 3.6 Taxes on income from continuing operations.......................... (2.9) 284.4 307.1 257.6 220.2 Fixed charges......................... 311.7 350.9 264.7 280.4 166.0 Less: Capitalized interest.................. 4.0 4.4 4.0 4.0 3.2 Undistributed earnings (losses) from less than 50% owned affiliates...... 0.8 9.2 27.1 33.8 16.6 Earnings available for fixed charges ........ $570.3 $1,270.2 $1,132.9 $1,055.3 $737.6 Ratio of earnings to fixed charges .......... 1.83 3.44 4.28 3.59 4.44 Undistributed earnings (losses) from less than 50% owned affiliates: Equity in earnings (losses)............ $ 3.3 $ 11.7 $ 29.3 $ 37.0 $ 18.7 Less: Amounts distributed............... 2.5 2.5 2.2 3.2 $ 2.1 Undistributed earnings (losses) from less-than 50% owned affiliates........... $ 0.8 $ 9.2 $ 27.1 $ 33.8 $ 16.6