EX-12 3 d375370dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

Nucor Corporation

2012 Form 10-Q

Computation of Ratio of Earnings to Fixed Charges

 

    

 

Year-ended December 31,

    Six Months
Ended
June 30,

2012
    Six Months
Ended
July 2,

2011
 
     2007     2008     2009     2010     2011      
           (In thousands, except ratios)                          

Earnings

              

Earnings/(loss) before income taxes and noncontrolling interests

   $ 2,546,816      $ 3,104,391      $ (413,978   $ 267,115      $ 1,251,812      $ 441,255      $ 743,542   

Plus: losses from equity investments

     24,618        36,920        82,341        32,082        10,043        6,832        2,943   

Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)

     55,381        146,360        168,317        163,626        183,541        93,943        93,959   

Plus: amortization of capitalized interest

     216        300        962        2,332        2,724        1,539        1,181   

Plus: distributed income of equity investees

     8,072        20,117        7,373        4,923        3,883        3,884        1,147   

Less: interest capitalized

     (3,700     (10,020     (16,390     (940     (3,509     (4,153     (1,555

Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges

     (293,604     (314,277     (57,865     (73,110     (83,591     (45,576     (43,382
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings/(loss) before fixed charges

   $ 2,337,799      $ 2,983,791      $ (229,240   $ 396,028      $ 1,364,903      $ 497,724      $ 797,835   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

              

Interest cost and amortization of bond issuance and settled swaps

   $ 55,052      $ 144,845      $ 166,313      $ 162,213      $ 182,321      $ 93,453      $ 93,347   

Estimated interest on rent expense

     329        1,515        2,004        1,413        1,220        490        612   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 55,381      $ 146,360      $ 168,317      $ 163,626      $ 183,541      $ 93,943      $ 93,959   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     42.21        20.39        *        2.42        7.44        5.30        8.49   

 

* Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557.