EX-12 3 exh12.txt CORNING'S 10K RATIO OF EARNINGS TABLE Item 14(c) Exhibit #12 Corning Incorporated and Subsidiary Companies Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends: (In millions, except ratios)
Fiscal Years ended ------------------------------------------------------------ Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- (Loss) income from continuing operations before taxes on income $ (6,111) $ 691 $ 675 $ 482 $ 666 Adjustments: Distributed income of equity investees 73 45 51 63 65 Amortization of capitalized interest 10 11 14 14 13 Fixed charges net of capitalized interest 191 135 118 89 102 -------- ----- ----- ----- ----- (Loss) earnings before taxes and fixed charges as adjusted $ (5,837) $ 882 $ 858 $ 648 $ 846 ======== ===== ===== ===== ===== Fixed charges: Interest incurred $ 202 $ 163 $ 135 $ 114 $ 108 Portion of rent expense which represents interest factor 30 25 20 19 17 Amortization of debt costs 8 4 4 3 2 -------- ----- ----- ----- ----- Total fixed charges 240 192 159 136 127 Capitalized interest (49) (57) (41) (47) (25) -------- ----- ----- ----- ----- Total fixed charges net of capitalized interest $ 191 $ 135 $ 118 $ 89 $ 102 ======== ===== ===== ===== ===== Preferred dividends: Preferred dividend requirement $ 1 $ 1 $ 3 $ 15 $ 15 Ratio of pre-tax income to income before minority interest and equity earnings 2.4 1.4 1.4 1.5 -------- ----- ----- ----- ----- Pre-tax preferred dividend requirement 1 2 4 21 23 Total fixed charges 240 192 159 136 127 -------- ----- ----- ----- ----- Fixed charges and pre-tax preferred dividend requirement $ 241 $ 194 $ 163 $ 157 $ 150 ======== ===== ===== ===== ===== Ratio of earnings to combined fixed charges and preferred dividends * 4.5x 5.3x 4.1x 5.6x ======== ===== ===== ===== ===== Ratio of earnings to fixed charges * 4.6x 5.4x 4.8x 6.7x ======== ===== ===== ===== =====
* Earnings before taxes and fixed charges as adjusted were inadequate to cover total fixed charges by approximately $6.1 billion at December 31, 2001.