EX-12 2 k62290ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12 MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS) ---------------------------------------------------------------- THREE MONTHS ENDED MARCH 31, YEAR ENDED DECEMBER 31 ------------------------------------------------------ 2001 2000 1999 1998 1997 1996 -------- ---------- ---------- ---------- -------- -------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income from continuing operations before income taxes $177,000 $ 893,400 $ 904,100 $ 905,500 $733,800 $575,600 Deduct/add equity in undistributed (earnings)/loss of fifty-percent-or- less-owned companies 2,770 (9,640) (18,720) (24,070) (19,470) (12,310) Add interest on indebtedness, net 59,090 193,000 121,520 115,700 94,780 78,790 Add amortization of debt expense 490 2,430 1,350 2,130 2,310 1,400 Add estimated interest factor for rentals 5,630 18,760 16,080 11,430 9,270 7,120 -------- ---------- ---------- ---------- -------- -------- Earnings before income taxes and fixed charges $244,980 $1,097,950 $1,024,330 $1,010,690 $820,690 $650,600 ======== ========== ========== ========== ======== ======== FIXED CHARGES: Interest on indebtedness $ 61,230 $ 202,630 $ 129,860 $ 119,750 $ 97,910 $ 81,250 Amortization of debt expense 490 2,430 1,350 2,130 2,310 1,400 Estimated interest factor for rentals 5,630 18,760 16,080 11,430 9,270 7,120 -------- ---------- ---------- ---------- -------- -------- $ 67,350 $ 223,820 $ 147,290 $ 133,310 $109,490 $ 89,770 ======== ========== ========== ========== ======== ======== Ratio of earnings to fixed charges 3.6 4.9 7.0 7.6 7.5 7.2 === === === === === ===