EX-12 3 exh12.txt EXHIBIT 12 - RATIO TABLE
Item 15(c) Exhibit 12 Corning Incorporated and Subsidiary Companies Computation of Ratio of (Losses) 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, 2002 2001 2000 1999 1998 --------- -------- -------- --------- --------- (Loss) income from continuing operations before taxes on income $ (2,720) $ (6,161) $ 621 $ 632 $ 449 Adjustments: Distributed income of equity investees 83 73 45 51 63 Amortization of capitalized interest 9 10 11 14 14 Fixed charges net of capitalized interest 207 191 135 118 89 -------- -------- ------ ------ ------ (Loss) earnings before taxes and fixed charges as adjusted $ (2,421) $ (5,887) $ 812 $ 815 $ 615 ======== ======== ====== ====== ====== Fixed charges: Interest incurred $ 186 $ 202 $ 163 $ 135 $ 114 Portion of rent expense which represents an appropriate interest factor 28 30 25 20 19 Amortization of debt costs 6 8 4 4 3 -------- -------- ------ ------ ------ Total fixed charges 220 240 192 159 136 Capitalized interest (13) (49) (57) (41) (47) -------- -------- ------ ------ ------ Total fixed charges net of capitalized interest $ 207 $ 191 $ 135 $ 118 $ 89 ======== ======== ====== ====== ====== Preferred dividends: Preferred dividend requirement $ 128 $ 1 $ 1 $ 3 $ 15 Ratio of pre-tax income to income before minority interest and equity earnings 2.6 1.4 1.4 -------- -------- ------ ------ ------ Pre-tax preferred dividend requirement 128 1 3 4 21 Total fixed charges 220 240 192 159 136 -------- -------- ------ ------ ------ Fixed charges and pre-tax preferred dividend requirement $ 348 $ 241 $ 195 $ 163 $ 157 ======== ======== ====== ====== ====== Ratio of earnings to fixed charges * * 4.2x 5.1x 4.5x ======== ======== ====== ====== ====== Ratio of earnings to combined fixed charges and preferred dividends * * 4.2x 5.0x 3.9x ======== ======== ====== ====== ====== * (Loss) earnings before taxes and fixed charges as adjusted were inadequate to cover total fixed charges by approximately $2.6 billion and $6.1 billion and inadequate to cover fixed charges and pre-tax preferred dividend requirement by approximately $2.8 billion and $6.1 billion at December 31, 2002 and 2001, respectively.