EX-12 4 dex12.txt COMPUTATION OF RATIO OF EARNINGS MAYTAG CORPORATION Exhibit 12 Computation of Ratio of Earnings to Fixed Charges (Amounts in thousands of dollars except ratios)
Three Month Period Ended March 31 Year Ended December 31 2003 2002 2001 2000 1999 1998 ------------------------------------------------------------------- Consolidated pretax income from continuing operations before minority interests, extraordinary item and cumulative effect of accounting change $52,421 $295,656 $212,084 $356,654 $532,352 $463,067 Interest expense 13,779 62,390 64,828 60,309 48,329 52,615 Mark to market adjustment on interest rate swap included in interest expense 2,630 10,173 9,330 6,295 5,972 5,616 Depreciation of capitalized interest 795 2,118 2,467 2,643 2,750 2,952 Interest portion of rental expense 1,285 9,976 8,182 7,142 6,841 7,020 ------------------------------------------------------------------- Earnings $70,910 $380,313 $296,891 $433,043 $596,244 $531,270 =================================================================== Interest expense (excluding swap mark to market) $16,409 $ 72,563 $ 74,158 $ 66,604 $ 54,301 $ 58,231 Interest capitalized 444 1,143 1,056 552 72 17 Interest portion of rental expense 1,285 9,976 8,182 7,142 6,841 7,020 ------------------------------------------------------------------- Fixed charges $18,138 $ 83,682 $ 83,396 $ 74,298 $ 61,214 $ 65,268 ==================================================================== Ratio of earnings to fixed charges 3.91 4.54 3.56 5.83 9.74 8.14
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