Exhibit 12
AMETEK, Inc.
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations (1) | $ | 181,934 | $ | 136,357 | $ | 108,991 | $ | 84,190 | $ | 80,377 | ||||||||||
Income tax expense | 81,752 | 61,930 | 51,728 | 40,960 | 38,010 | |||||||||||||||
Interest expense — gross | 42,304 | 33,103 | 28,343 | 26,063 | 25,498 | |||||||||||||||
Capitalized interest | (137 | ) | (190 | ) | — | (46 | ) | (317 | ) | |||||||||||
Amortization of debt financing costs (2) | — | — | — | — | — | |||||||||||||||
Interest portion of rental expense (est.) | 5,062 | 4,843 | 3,757 | 2,998 | 2,839 | |||||||||||||||
Adjusted earnings | $ | 310,915 | $ | 236,043 | $ | 192,819 | $ | 154,165 | $ | 146,407 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 42,167 | $ | 32,913 | $ | 28,343 | $ | 26,017 | $ | 25,181 | ||||||||||
Capitalized interest | 137 | 190 | — | 46 | 317 | |||||||||||||||
Interest portion of rental expense | 5,062 | 4,843 | 3,757 | 2,998 | 2,839 | |||||||||||||||
Fixed charges | $ | 47,366 | $ | 37,946 | $ | 32,100 | $ | 29,061 | $ | 28,337 | ||||||||||
Ratio of adjusted earnings to fixed charges | 6.6 | x | 6.2 | x | 6.0 | x | 5.3 | x | 5.2 | x | ||||||||||
(1) | Results for 2005-2002 have been adjusted to reflect the retrospective application of FAS 123R to expense stock options, which was adopted effective January 1, 2006. The retrospective application reduced 2005-2002 net income by $4.3 million, $3.7 million, $3.6 million and $3.3 million, respectively. | |
(2) | - Included in interest expense. |