EX-12 6 y58444ex12.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES HARSCO CORPORATION Exhibit 12 Computation of Ratios of Earnings to Fixed Charges (In Thousands of Dollars)
YEARS ENDED DECEMBER 31 ----------------------------------------------------------- 2001 2000 1999 1998 1997 --------- --------- --------- --------- --------- Pre-tax income from continuing operations (net of minority interest in net income) $ 108,707 $ 143,608 $ 142,312 $ 174,874 $ 165,613 Add fixed charges computed below 72,805 64,670 37,418 28,417 24,263 Net adjustments for equity companies 2,747 3,749 365 139 (694) Net adjustments for capitalized interest 152 125 (535) (10) -- --------- --------- --------- --------- --------- Consolidated Earnings Available for Fixed Charges $ 184,411 $ 212,152 $ 179,560 $ 203,420 $ 189,182 ========= ========= ========= ========= ========= Consolidated Fixed Charges: Interest expense per financial statements (1) $ 53,557 $ 50,104 $ 26,968 $ 20,504 $ 16,741 Interest expense capitalized -- 2 893 128 128 Portion of rentals (1/3) representing an interest factor 19,248 14,564 9,557 7,785 7,394 Interest expense for equity companies whose debt is guaranteed (2) -- -- -- -- -- --------- --------- --------- --------- --------- Consolidated Fixed Charges $ 72,805 $ 64,670 $ 37,418 $ 28,417 $ 24,263 ========= ========= ========= ========= ========= Consolidated Ratio of Earnings to Fixed Charges 2.53 3.28 4.80 7.16 7.80 ========= ========= ========= ========= =========
(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 1997 through 2001.