EX-12 8 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

 

NewMarket Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands, except ratios)

 

     Years Ended December 31,
     2006    2005    2004    2003    2002

Earnings:

              

Pretax income from continuing operations before discontinued operations and cumulative effect of accounting changes

   $ 88,143    $ 56,952    $ 44,630    $ 29,342    $ 13,269

Interest expense (net)

     15,403      16,849      18,254      21,128      25,574

Portion of rent expense representative of interest factor

     5,787      5,636      6,438      5,650      4,738

Amortization of capitalized interest

     346      1,144      1,515      1,498      1,547
                                  

Adjusted pretax income from continuing operations

   $ 109,679    $ 80,581    $ 70,837    $ 57,618    $ 45,128
                                  

Fixed Charges:

              

Interest expense (before deducting capitalized interest)

   $ 15,624    $ 16,970    $ 18,441    $ 21,236    $ 25,687

Portion of rent expense representative of interest factor

     5,787      5,636      6,438      5,650      4,738
                                  

Total fixed charges

   $ 21,411    $ 22,606    $ 24,879    $ 26,886    $ 30,425
                                  

Ratio of earnings to fixed charges

     5.1      3.6      2.8      2.1      1.5