EX-12 3 exh12r.htm exh12r

EXHIBIT 12

INGERSOLL-RAND COMPANY LIMITED

COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollar Amounts in Millions)

Three Months
Ended March 31,


Years Ended December 31,

2002

2001

2000

1999

1998

Fixed charges:

Interest expense

$ 59.6

$254.3

$ 286.6

$ 204.5

$ 225.9

Amortization of debt discount and expense

3.5

8.8

6.1

6.7

7.0

Rentals (one-third of rentals)

9.1

36.3

28.2

23.9

23.8

Capitalized interest

1.0

4.0

4.4

4.0

4.0

Equity-linked security charges

   -   

      8.3

       25.6

       25.6

       19.7

Total fixed charges

 $ 73.2

$311.7

$ 350.9

$ 264.7

$ 280.4

Net earnings from continuing operations

$ 80.9

$246.2

$ 546.2

$ 563.1

$ 481.6

Add:

Minority income of majority-

owned subsidiaries

3.4

20.1

39.3

29.1

23.5

Taxes on income from continuing operations

17.6

( 2.9

)

284.4

307.1

257.6

Fixed charges

73.2

311.7

350.9

264.7

280.4

Less:

Capitalized interest

1.0

4.0

4.4

4.0

4.0

Undistributed earnings (losses) from

less than 50% owned affiliates

-   

     0.8

        9.2

      27.1

      33.8

Earnings available for fixed charges

$174.1

$570.3

$1,207.2

$1,132.9

$1,005.3

Ratio of earnings to fixed charges

    2.38

    1.83

        3.44

      4.28

      3.59

Undistributed earnings (losses) from less

than 50% owned affiliates:

Equity in earnings (losses)

$ 0.4

$ 3.3

$ 11.7

$ 29.3

$ 37.0

Less:

Amounts distributed

     0.4

      2.5

        2.5

       2.2

        3.2

Undistributed earnings (losses) from

less than 50% owned affiliates

    $ -    

   $ 0.8

   $ 9.2

   $ 27.1

   $ 33.8