Exhibit 12
AMETEK, Inc.
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||
Earnings: | |||||||||||||||||||||
Income from continuing operations (1) | $ | 228,020 | $ | 181,934 | $ | 136,357 | $ | 108,991 | $ | 84,190 | |||||||||||
Income tax expense | 108,424 | 81,752 | 61,930 | 51,728 | 40,960 | ||||||||||||||||
Interest expense — gross | 47,065 | 42,304 | 33,103 | 28,343 | 26,063 | ||||||||||||||||
Capitalized interest | (199 | ) | (137 | ) | (190 | ) | — | (46 | ) | ||||||||||||
Amortization of debt financing costs (2) | — | — | — | — | — | ||||||||||||||||
Interest portion of rental expense (est.) | 6,359 | 5,062 | 4,843 | 3,757 | 2,998 | ||||||||||||||||
Adjusted earnings | $ | 389,669 | $ | 310,915 | $ | 236,043 | $ | 192,819 | $ | 154,165 | |||||||||||
Fixed Charges: | |||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 46,866 | $ | 42,167 | $ | 32,913 | $ | 28,343 | $ | 26,017 | |||||||||||
Capitalized interest | 199 | 137 | 190 | — | 46 | ||||||||||||||||
Interest portion of rental expense | 6,359 | 5,062 | 4,843 | 3,757 | 2,998 | ||||||||||||||||
Fixed charges | $ | 53,424 | $ | 47,366 | $ | 37,946 | $ | 32,100 | $ | 29,061 | |||||||||||
Ratio of adjusted earnings to fixed charges | 7.3 | x | 6.6 | x | 6.2 | x | 6.0 | x | 5.3 | x | |||||||||||
(1) | Results for 2005-2003 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 2005-2003 net income by $4.3 million, $3.7 million and $3.6 million, respectively. | |
(2) | - Included in interest expense. |