EX-12 2 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12


Leggett & Platt, Incorporated and Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computation of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 12
 
 
(Amounts in millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months
 
Twelve Months Ended
 
 
 
Ended
 
December 31,
 
 
 
9/30/2012

 
9/30/2011

 
2011
 
2010
 
2009
 
2008
 
2007
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations including equity-method investment earnings (a)
$240.2
 
$201.6
 
$206.2
 
$255.5
 
$198.4
 
$192.6
 
$147.3
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest expense (including amount capitalized)
30.9
 
28.8
 
39.0
 
38.1
 
38.3
 
50.5
 
61.9
 
 
    Portion of rental expense under operating leases representative of an interest factor (b)
12.0
 
12.7
 
14.6
 
15.4
 
16.9
 
21.5
 
24.3
 
 
    Amortization of capitalized interest
.7
 
.7
 
1.0
 
1.0
 
.9
 
.8
 
.8
 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Equity-method investment (earnings) loss
(.3
)
 
(.3
)
 
(.4
)
 
(.1
)
 
.6

 
.1

 
.1

 
 
    Interest capitalized
(.5
)
 
(.3
)
 
(.7
)
 
(.4
)
 
(.9
)
 
(1.0
)
 
(1.0
)
 
 
Total Earnings (c)
$
283.0

 
$
243.2

 
$
259.7

 
$
309.5

 
$
254.2

 
$
264.5

 
$
233.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest expense and amortization of debt discount and premium on all indebtedness
$30.4
 
$28.5
 
$38.3
 
$37.7
 
$37.4
 
$49.5
 
$60.9
 
 
    Interest capitalized
.5
 
.3
 
.7
 
.4
 
.9
 
1.0
 
1.0
 
 
    Portion of rental expense under operating leases representative of an interest factor (b)
12.0
 
12.7
 
14.6
 
15.4
 
16.9
 
21.5
 
24.3
 
 
Total Fixed Charges
$
42.9

 
$
41.5

 
$
53.6

 
$
53.5

 
$
55.2

 
$
72.0

 
$
86.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
6.6
 
5.9
 
4.8
 
5.8
 
4.6
 
3.7
 
2.7
 
 

(a) 2007 and 2008 amounts have been retrospectively adjusted to include noncontrolling interest.

(b) Estimated portion of rent expense representing interest.

(c) Earnings consist principally of income from continuing operations before income taxes, plus fixed charges less capitalized interest. Fixed charges consist principally of interest costs.