EX-99.5 7 y00170exv99w5.htm EX-99.5: RATIO OF EARNINGS TO FIXED CHARGES EX-99.5
EXHIBIT 99.5
EXHIBIT 12
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended December 29, 2007, December 30, 2006, December 31, 2005, January 1,
2005, and January 3, 2004
(Millions of Dollars)
                                         
    Fiscal Year  
    2007     2006     2005     2004     2003  
Earnings from continuing operations before income taxes and minority interest
   $ 437.8     $ 352.6     $ 342.6     $ 311.7     $ 118.1  
Add:
                                        
Interest expense
     85.2       69.3       40.4       38.6       34.1  
Portion of rents representative of interest factor
     19.1       15.7       12.4       9.6       7.3  
Amortization of capitalized interest
     —       —       —       —       —  
 
                              
Income as adjusted
   $ 542.1     $ 437.6     $ 395.4     $ 359.9     $ 159.5  
Fixed charges:
                                        
Interest expense
   $ 85.2     $ 69.3     $ 40.4     $ 38.6     $ 34.1  
Portion of rents representative of interest factor
     19.1       15.7       12.4       9.6       7.3  
Amortization of capitalized interest
     —       —       —       —       —  
 
                              
Fixed charges
   $ 104.3     $ 85.0     $ 52.8     $ 48.2     $ 41.4  
 
                              
Ratio of earnings to fixed charges
     5.2       5.1       7.5       7.5       3.9