EX-12 5 awi-ex12_16.htm EX-12 awi-ex12_16.htm

Exhibit No. 12

Armstrong World Industries, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(dollar amounts in millions)

 

  

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Determination of Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

144.3

 

 

$

80.1

 

 

$

148.4

 

 

$

129.4

 

 

$

130.4

 

Equity earnings from joint venture

 

 

(73.1

)

 

 

(66.1

)

 

 

(65.1

)

 

 

(59.4

)

 

 

(55.9

)

Earnings from continuing operations before income taxes and

   equity earnings

 

$

71.2

 

 

$

14.0

 

 

$

83.3

 

 

$

70.0

 

 

$

74.5

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

56.0

 

 

 

52.2

 

 

 

53.8

 

 

 

76.5

 

 

 

61.2

 

Distributed income from equity affiliates (1)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amortization of capitalized interest

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

 

 

0.1

 

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(0.8

)

 

 

(1.4

)

 

 

(2.6

)

 

 

(2.8

)

 

 

(3.6

)

Total earnings as defined

 

$

126.5

 

 

$

65.0

 

 

$

134.7

 

 

$

143.8

 

 

$

132.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

49.8

 

 

$

45.3

 

 

$

46.0

 

 

$

68.7

 

 

$

53.6

 

Capitalized interest

 

 

0.8

 

 

 

1.4

 

 

 

2.6

 

 

 

2.8

 

 

 

3.6

 

Estimate of interest included in rent expense (2)

 

 

5.4

 

 

 

5.5

 

 

 

5.2

 

 

 

5.0

 

 

 

4.0

 

Total fixed charges

 

$

56.0

 

 

$

52.2

 

 

$

53.8

 

 

$

76.5

 

 

$

61.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

2.3

 

 

 

1.2

 

 

 

2.5

 

 

 

1.9

 

 

 

2.2

 

 

(1)

Includes only return on investment, not return of investment

(2)

One-third of rental expense is considered to be representative of the interest factor in rental expense.