EX-12 3 exhibit12_11800.txt COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12 ---------- HARSCO CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollars in Thousands)
YEARS ENDED DECEMBER 31 ------------------------------------------------------------------- 2002 2001(a) 2000(a) 1999(a) 1998(a) --------- --------- --------- --------- --------- Pre-tax income from continuing $ 130,650 $ 113,195 $ 139,741 $ 135,528 $ 168,246 operations (net of minority interest in net income) Add fixed charges computed below 64,424 72,265 64,429 37,155 28,094 Net adjustments for equity companies (219) 2,747 3,749 365 139 Net adjustments for capitalized interest 121 152 125 (535) (10) --------- --------- --------- --------- --------- Consolidated Earnings Available for Fixed Charges $ 194,976 $ 188,359 $ 208,044 $ 172,513 $ 196,469 ========= ========= ========= ========= ========= Consolidated Fixed Charges: Interest expense per financial statements (b) $ 43,323 $ 53,190 $ 50,082 $ 26,939 $ 20,413 Interest expense capitalized -- -- 2 893 128 Portion of rentals (1/3) representing an interest factor 20,972 19,075 14,345 9,323 7,553 Interest expense for equity companies whose debt is guaranteed 129 -- -- -- -- --------- --------- --------- --------- --------- Consolidated Fixed Charges $ 64,424 $ 72,265 $ 64,429 $ 37,155 $ 28,094 ========= ========= ========= ========= ========= Consolidated Ratio of Earnings to Fixed Charges 3.03 2.61 3.23 4.64 6.99 ========= ========= ========= ========= =========
(a) In order to comply with the Financial Accounting Standards Board (FASB) Statement No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," 2001, 2000, 1999 and 1998 information has been reclassified for comparative purposes. (b) Includes amortization of debt discount and expense.