EX-12.1 4 l07377aexv12w1.txt EXHIBIT 12.1 Exhibit 12.1 THE LUBRIZOL CORPORATION Computation of Ratio of Earnings to Fixed Charges (all amounts except ratios are shown in thousands)
Three Months Ended March 31, 2004 2003 2002 2001 2000 1999 --------- --------- --------- --------- --------- --------- Pretax income $ 56,856 $ 129,071 $ 180,388 $ 139,949 $ 170,348 $ 195,350 Add (deduct) earnings of less than 50% owned affiliates (net of distributed earnings) included in pretax income (118) 773 1,676 (558) 1,135 (3,195) Add losses of less than 50% owned affiliates included in pretax income -- 140 -- 2,162 1,818 18 Add fixed charges net of capitalized interest 6,178 25,114 23,298 25,041 26,869 29,696 Add previously capitalized interest amortized during period 271 1,312 1,159 1,634 1,255 1,446 --------- --------- --------- --------- --------- --------- "Earnings" $ 63,187 $ 156,410 $ 206,521 $ 168,228 $ 201,425 $ 223,315 ========= ========= ========= ========= ========= ========= Gross interest expense including capitalized interest ("Fixed Charges") $ 6,245 $ 25,272 $ 22,239 $ 24,142 $ 26,282 $ 28,953 Ratio of earnings to fixed charges 10.12 6.19 9.29 6.97 7.66 7.71