EX-12 3 y67791exv12.htm EX-12 RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
 

EXHIBIT 12

AMERICAN STANDARD COMPANIES INC.
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

                                                         
                                            Nine Months
    For the Years ended December 31,
   Ended September 30,
    1999
   2000
   2001
   2002
   2003
   2003
   2004
Income from continuing operations before income taxes
   $ 451.5     $ 509.4     $ 476.4     $ 556.2     $ 549.2     $ 464.1     $ 550.4  
Equity in net (income) loss of associated companies net of dividends received
     (5.1 )     (8.7 )     (2.8 )     (13.5 )     (14.3 )     (9.2 )     (12.0 )
Amortization of capitalized interest
     1.8       1.9       2.3       2.3       2.3       1.8       1.8  
Interest expense
     187.8       198.7       168.7       129.0       117.0       88.9       86.5  
Rental expense factor
     33.9       49.4       53.2       58.6       37.5       45.6       29.3  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Earnings available for fixed charges
   $ 669.9     $ 750.7     $ 697.8     $ 732.6     $ 691.7     $ 591.2     $ 656.0  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Interest expense
   $ 187.8     $ 198.7     $ 168.7     $ 129.0     $ 117.0     $ 88.9     $ 86.5  
Capitalized interest
     3.3       2.0       4.8       2.6       0.9       1.2       0.2  
Rental expense factor
     33.9       49.4       53.2       58.6       37.5       45.6       29.3  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Fixed charges
   $ 225.0     $ 250.1     $ 226.7     $ 190.2     $ 155.4     $ 135.7     $ 116.0  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges (a)
     3.0       3.0       3.1       3.9       4.5       4.4       5.7  

a)   For the purpose of computing the ratio of earnings to fixed charges, fixed charges consist of interest on debt (including capitalized interest), amortization of debt discount and expense, and a portion of rentals determined to be representative of interest. Earnings consist of consolidated net income before income taxes, plus fixed charges other than capitalized interest but including the amortization thereof, adjusted by the excess or deficiency of dividends over income of entities accounted for by the equity method.