EX-12 7 exhibit126-30x2018.htm EXHIBIT 12 Exhibit


Exhibit 12

Carpenter Technology Corporation
Computation of Ratios of Earnings to Fixed Charges - unaudited
Five Years Ended June 30, 2018
($ in millions)

 
 
 
Years Ended June 30,
 
 
 
2018
 
2017
 
2016
 
2015
 
2014
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest costs (a)
$
31.1

 
$
31.1

 
$
29.9

 
$
30.4

 
$
32.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest component of non-capitalized lease rental expense (b)
4.5

 
4.4

 
3.8

 
4.0

 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
    Total fixed charges
 
$
35.6

 
$
35.5

 
$
33.7

 
$
34.4

 
$
36.4

 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
160.2

 
$
70.2

 
$
21.5

 
$
89.1

 
$
196.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Less income from less-than-fifty-percent owned entities, and loss on sale of partial interest in less-than-fifty percent owned entities
—

 
—

 
(0.6
)
 
(0.1
)
 
(0.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges less interest capitalized
32.9

 
34.2

 
31.8

 
31.7

 
21.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of capitalized interest
1.4

 
1.3

 
1.3

 
1.4

 
1.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined
$
194.5

 
$
105.7

 
$
54.0

 
$
122.1

 
$
218.5

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.5x

 
3.0x

 
1.6x

 
3.5x

 
6.0x

 
 
 
 
 
 
 
 
 
 
 
 

(a) Includes interest capitalized relating to significant construction projects, amortization of debt discount and debt issue costs.

(b) One-third of rental expense which approximates the interest component of non-capitalized leases.