EX-12 2 0002.txt CORNING INC.'S THIRD QUARTER 2000 EXHIBIT 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES Exhibit #12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (Dollars in millions, except ratios) Nine Months Ended Sept. 30, 2000 ----------------- Income before taxes on income $ 711.4 Adjustments: Share of earnings before taxes of 50% owned companies 181.7 Loss before taxes of greater than 50% owned unconsolidated subsidiary (2.2) Distributed income of less than 50% owned companies and share of loss if debt is guaranteed Amortization of capitalized interest 8.8 Fixed charges net of capitalized interest 124.7 -------- Earnings before taxes and fixed charges as adjusted $1,024.4 ======== Fixed charges: Interest incurred $ 116.3 Share of interest incurred of 50% owned companies and interest on guaranteed debt of less than 50% owned companies 21.8 Interest incurred by greater than 50% owned unconsolidated subsidiary 0.2 Portion of rent expense which represents interest factor 18.0 Share of portion of rent expense which represents interest factor for 50% owned companies 4.3 Portion of rent expense which represents interest factor for greater than 50% owned unconsolidated subsidiary 0.1 Amortization of debt costs 2.6 -------- Total fixed charges 163.3 Capitalized interest (38.6) -------- Total fixed charges net of capitalized interest $ 124.7 ======== Preferred dividends: Preferred dividend requirements $ 0.6 Ratio of pre-tax income to income before minority interest and equity earnings 1.7 -------- Pre-tax preferred dividend requirement 1.0 Total fixed charges 163.3 -------- Fixed charges and pre-tax preferred dividend requirement $ 164.3 ======== Ratio of earnings to combined fixed charges and preferred dividends 6.2x ========