EX-12 2 a12-21003_1ex12.htm EX-12

Exhibit 12

 

Avery Dennison Corporation

 

AVERY DENNISON CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended

 

Nine Months Ended

 

(Dollars in millions)

 

September 29,
2012

 

October 1,
2011

 

September 29,
2012

 

October 1,
2011

 

Earnings:

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes

 

$      58.2

 

$     46.1

 

$     200.3

 

$    195.8

 

Add:  Fixed charges from continuing operations (1)

 

26.1

 

26.5

 

79.7

 

79.2

 

      Amortization of capitalized interest

 

.9

 

.8

 

2.7

 

2.6

 

Less:  Capitalized interest

 

(.6

)

(1.3

)

(2.4

)

(3.7

)

 

 

$      84.6

 

$     72.1

 

$     280.3

 

$    273.9

 

Fixed charges from continuing operations: (1)

 

 

 

 

 

 

 

 

 

Interest expense

 

$      18.0

 

$     17.7

 

$       54.9

 

$      53.1

 

Capitalized interest

 

.6

 

1.3

 

2.4

 

3.7

 

Interest portion of leases

 

7.5

 

7.5

 

22.4

 

22.4

 

 

 

$      26.1

 

$     26.5

 

$       79.7

 

$      79.2

 

Ratio of Earnings to Fixed Charges

 

3.2

 

2.7

 

3.5

 

3.5

 

 

(1)       The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges from continuing operations.  For this purpose, “earnings” consist of income from continuing operations before taxes plus fixed charges from continuing operations and amortization of capitalized interest, less capitalized interest.  “Fixed charges from continuing operations” consist of interest expense, capitalized interest and the portion of rent expense (estimated to be 35%) on operating leases deemed representative of interest.