EX-12 3 c79924exv12.htm EX-12 COMPUTATION OF RATIO OF EARNINGS exv12
 

EXHIBIT 12

THE TORO COMPANY AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Not Covered by Independent Auditors’ Report)

                                           
      10/31/2003   10/31/2002   10/31/2001   10/31/2000   10/31/1999
     
 
 
 
 
Earnings before income taxes and cumulative effect of change in accounting principle
   $ 120,918,000     $ 86,799,000     $ 80,077,000     $ 71,882,000     $ 57,473,000  
Plus: Fixed charges
     22,251,000       25,324,000       27,313,000       31,103,000       28,242,000  
 
    
     
     
     
     
 
Earnings available to cover fixed charges
   $ 143,169,000     $ 112,123,000     $ 107,390,000     $ 102,985,000     $ 85,715,000  
 
    
     
     
     
     
 
Ratio of earnings to fixed charges
     6.43       4.43       3.93       3.31       3.04  
 
    
     
     
     
     
 
Interest Expense
   $ 16,285,000     $ 19,747,000     $ 22,003,000     $ 26,414,000     $ 23,810,000  
Rentals (Interest Expense)
     5,966,000       5,577,000       5,310,000       4,689,000       4,432,000  
 
    
     
     
     
     
 
 
Total fixed charges
   $ 22,251,000     $ 25,324,000     $ 27,313,000     $ 31,103,000     $ 28,242,000