EX-12 4 ex12.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES 1 HARSCO CORPORATION Exhibit 12 Computation of Ratios of Earnings to Fixed Charges (In Thousands of Dollars)
Six Months YEARS ENDED DECEMBER 31 Ended ------------------------------------------------------------- 6/30/00 1999 1998 1997 1996 1995 --------- --------- --------- --------- --------- --------- Pre-tax income from continuing operations (net of minority interest in net income) $ 75,553 $ 142,312 $ 174,874 $ 165,613 $ 145,984 $ 107,073 Add fixed charges computed below 22,290 37,418 28,417 24,263 26,181 33,121 Net adjustments for equity companies 1,025 365 139 (694) (181) (466) Net adjustments for capitalized interest 64 (535) (10) -- -- -- --------- --------- --------- --------- --------- --------- Consolidated Earnings Available for Fixed Charges $ 98,932 $ 179,560 $ 203,420 $ 189,182 $ 171,984 $ 139,728 ========= ========= ========= ========= ========= ========= Consolidated Fixed Charges: Interest expense per financial statements (1) $ 16,217 $ 26,968 $ 20,504 $ 16,741 $ 21,483 $ 28,921 Interest expense capitalized -- 893 128 128 131 134 Portion of rentals (1/3) representing an interest factor 6,073 9,557 7,785 7,394 4,567 4,066 Interest expense for equity companies whose debt is guaranteed (2) -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- Consolidated Fixed Charges $ 22,290 $ 37,418 $ 28,417 $ 24,263 $ 26,181 $ 33,121 ========= ========= ========= ========= ========= ========= Consolidated Ratio of Earnings to Fixed Charges 4.44 4.80 7.16 7.80 6.57 4.22 ========= ========= ========= ========= ========= =========
(1) Includes amortization of debt discount and expense. (2) No fixed charges were associated with debt of less than fifty percent owned companies guaranteed by the Company during the five year period 1995 through 1999, and the six month period ending June 30, 2000.