EX-12 2 ex-12revisedearningstofixe.htm EXHIBIT 12 EARNINGS TO FIXED CHGS EX-12 Revised Earnings to Fixed Charges Q3 2014


Leggett & Platt, Incorporated and Subsidiaries
 
 
Exhibit 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
(Amounts in millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended
 
 
 
December 31,
 
 
 
2013
 
 
2012
 
 
2011
 
 
2010
 
 
2009
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations including equity-method investment earnings (a)
 
$
237.6
 
 
$
287.5
 
 
$
234.4
 
 
$
246.0
 
 
$
175.9
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness (including amount capitalized)
 
45.2
 
 
44.0
 
 
38.8
 
 
38.1
 
 
38.2
 
 
Portion of rental expense under operating leases representative of an interest factor (b)
 
16.5
 
 
16.0
 
 
14.6
 
 
15.4
 
 
16.9
 
 
Amortization of capitalized interest
 
.9
 
 
.9
 
 
1.0
 
 
1.0
 
 
.9
 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
Equity-method investment (earnings) loss
 
(.5)
 
 
(.6)
 
 
(.4)
 
 
(.1)
 
 
.6
 
 
Interest capitalized
 
(.5)
 
 
(.6)
 
 
(.7)
 
 
(.4)
 
 
(.9)
 
 
Total Earnings (c)
 
$
299.2
 
 
$
347.2
 
 
$
287.7
 
 
$
300.0
 
 
$
231.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness
 
$
44.7
 
 
$
43.4
 
 
$
38.1
 
 
$
37.7
 
 
$
37.3
 
 
Interest capitalized
 
.5
 
 
.6
 
 
.7
 
 
.4
 
 
.9
 
 
Portion of rental expense under operating leases representative of an interest factor (b)
 
16.5
 
 
16.0
 
 
14.6
 
 
15.4
 
 
16.9
 
 
Total Fixed Charges
 
$
61.7
 
 
$
60.0
 
 
$
53.4
 
 
$
53.5
 
 
$
55.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.8
 
 
5.8
 
 
5.4
 
 
5.6
 
 
4.2
 
 
_________________
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) 2009 - 2013 amounts have been retrospectively adjusted to reflect the reclassification of certain operations to discontinued operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b) Amounts represent those portions of rental expense (one-third) that are reasonable approximations of interest costs.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
  

1