EX-12 10 exh12_16325.htm COMPUTATION OF RATIOS OF EARNINGS WWW.EXFILE.COM, INC. -- 888-775-4789 -- HARSCO CORP. -- EXHIBIT 12 TO FORM 10-K
EXHIBIT 12

HARSCO CORPORATION

Computation of Ratios of Earnings to Fixed Charges

(Dollars in Thousands)


   
YEARS ENDED DECEMBER 31
 
                               
   
2008 (a)
   
2007 (a)
   
2006 (b)
   
2005 (b)
   
2004 (b)
 
                                         
Pre-tax income from continuing operations (net of minority interest in net income)
  $ 337,443     $ 372,713     $ 279,756     $ 203,610     $ 148,569  
                                         
Add fixed charges computed below
    120,709       129,233       100,635       77,317       74,192  
                                         
Net adjustments for equity companies
    (417 )     (868 )     (192 )     96       461  
                                         
Net adjustments for capitalized interest
    (277 )     (723 )     (1,114 )     (567 )     (124 )
                                         
Consolidated Earnings Available for Fixed Charges
  $ 457,458     $ 500,355     $ 379,085     $ 280,456     $ 223,098  
                                         
Consolidated Fixed Charges:
                                       
                                         
Interest expense per financial statements (c)
  $ 73,160     $ 81,383     $ 60,478     $ 41,918     $ 41,057  
                                         
Interest expense capitalized
    552       1,035       1,325       677       251  
                                         
Portion of rentals (1/3) representing a reasonable approximation of the interest factor
    46,997       46,815       38,832       34,722       32,884  
                                         
Consolidated Fixed Charges
  $ 120,709     $ 129,233     $ 100,635     $ 77,317     $ 74,192  
                                         
Consolidated Ratio of Earnings to Fixed Charges
    3.79       3.87       3.77       3.63       3.01  

(a)
Does not include interest related to FIN 48 obligations.
(b)
Pre-tax income from continuing operations (net of minority interest in net income) restated to reflect the Gas Technologies business group as a Discontinued Operation.  Portion of rentals revised to include recurring short-term rentals in the Harsco Infrastructure Segment.
(c)
Includes amortization of debt discount and expense.