EX-12 5 exhibit_12.htm EXHIBIT 12 EXHIBIT 12

EXHIBIT 12     Corning Incorporated and Subsidiary Companies

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions, except ratios)

Fiscal years ended December 31,

2012

2011

2010

2009

2008

Income from continuing operations before taxes on income(1)

$

2,117

$

3,213

$

3,845

$

1,934

$

2,882

Adjustments:

Equity in earnings of equity affiliates

(810

)

(1,471

)

(1,958

)

(1,435

)

(1,358

)

Distributed income of equity affiliates

1,089

820

1,712

755

546

Net income attributable to noncontrolling interests

(5

)

(3

)

(2

)

6

(1

)

Amortization of capitalized interest

1

Fixed charges net of capitalized interest

138

119

129

103

78

Earnings before taxes and fixed charges as adjusted

$

2,529

$

2,678

$

3,726

$

1,363

$

2,148

Fixed charges:

Interest incurred(2)

$

181

$

132

$

126

$

111

$

88

Portion of rent expense which represents an appropriate interest factor(3)

27

30

21

20

19

Amortization of debt costs

4

3

2

1

2

TOTAL FIXED CHARGES

$

212

$

165

$

149

$

132

$

109

Ratio of earnings to fixed charges

11.9

x

16.2

x

25.0

x

10.3

x

19.7

x

(1)

Effective January 1, 2009, equity earnings are now included in income from continuing operations before taxes on income. Prior period amounts have been reclassified to conform to the 2009 presentation.

(2)

Interest expense includes amortization expense for debt costs and capitalized interest.

(3)

One-third of net rent expense is the portion deemed representative of the interest factor.