EX-12 3 dex12.htm COMPUTATION OF RATIOS COMPUTATION OF RATIOS

Exhibit 12

NewMarket Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands, except ratios)

 

     Years Ended December 31
      2008    2007    2006    2005    2004

Earnings:

              

Pretax income from continuing operations before discontinued operations

   $ 105,326    $ 100,424    $ 79,962    $ 33,798    $ 11,404

Interest expense (net)

     12,046      11,557      15,403      16,849      18,254

Portion of rent expense representative of interest factor

     6,713      6,097      5,787      5,636      6,438

Amortization of capitalized interest

     233      251      346      1,144      1,515
                                  

Adjusted pretax income from continuing operations

   $ 124,318    $ 118,329    $ 101,498    $ 57,427    $ 37,611
                                  

Fixed Charges:

              

Interest expense (before deducting capitalized interest)

   $ 12,931    $ 12,124    $ 15,624    $ 16,970    $ 18,441

Portion of rent expense representative of interest factor

     6,713      6,097      5,787      5,636      6,438
                                  

Total fixed charges

   $ 19,644    $ 18,221    $ 21,411    $ 22,606    $ 24,879
                                  

Ratio of earnings to fixed charges

     6.3      6.5      4.7      2.5      1.5