EX-12 5 exh12_12531.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 ---------------------------------------------------------- 2003 2002 2001(a) 2000(a) 1999(a) --------- --------- --------- --------- --------- Pre-tax income from continuing operations (net of $ 128,707 $ 130,650 $ 113,195 $ 139,741 $ 135,528 minority interest in net income) Add fixed charges computed below 61,520 64,424 72,265 64,429 37,155 Net adjustments for equity companies 1,062 (219) 2,747 3,749 365 Net adjustments for capitalized interest 14 121 152 125 (535) --------- --------- --------- --------- --------- Consolidated Earnings Available for Fixed Charges $ 191,303 $ 194,976 $ 188,359 $ 208,044 $ 172,513 ========= ========= ========= ========= ========= Consolidated Fixed Charges: Interest expense per financial statements (b) $ 40,513 $ 43,323 $ 53,190 $ 50,082 $ 26,939 Interest expense capitalized 101 -- -- 2 893 Portion of rentals (1/3) representing an interest factor 20,906 20,972 19,075 14,345 9,323 Interest expense for equity companies whose debt is guaranteed -- 129 -- -- -- --------- --------- --------- --------- --------- Consolidated Fixed Charges $ 61,520 $ 64,424 $ 72,265 $ 64,429 $ 37,155 ========= ========= ========= ========= ========= Consolidated Ratio of Earnings to Fixed Charges 3.11 3.03 2.61 3.23 4.64 ========= ========= ========= ========= =========
(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 and 1999 information has been reclassified for comparative purposes. (b) Includes amortization of debt discount and expense.