EX-12 8 ny470771.txt EX. 12.1 - RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 The Stanley Works Computation of Ratio of Earnings to Fixed Charges (Unaudited, in millions of dollars) The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this ratio, earnings include net income before income taxes and fixed charges, net of capitalized interest. Fixed charges include gross interest expense, whether expensed or capitalized.
Twelve Months Nine Months ----------------------------------------------------- ------------------- Jan 2 Jan 1 Dec 30 Dec 29 Dec 28 Sep 28 Sep 27 1999 2000 2000 2001 2002 2002 2003 ------ ------ ------- ------- ------- ------- ------- Total fixed charges $45.8 $47.3 $44.9 $44.9 $ 40.7 $29.2 $ 30.7 ====== ====== ======= ======= ======= ======= ======= Net before income taxes $215.4 $230.8 $293.7 $236.7 $272.5 $247.3 $104.2 Add: Fixed charges 45.8 47.3 49.9 44.8 40.7 29.2 30.7 Amortization of interest capitalized in prior periods 0.2 0.2 0.1 - - - - Deduct: Capitalized interest - - - (0.1) - - - ------ ------ ------- ------- ------- ------- ------- Earnings before taxes and fixed charges $261.4 $278.3 $343.7 $281.4 $313.2 $276.5 $134.9 ====== ====== ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 5.71 5.88 6.89 6.27 7.70 9.47 4.39 ------ ------ ------- ------- ------- ------- -------