EXHIBIT 12
W. R. GRACE & CO. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(1)
(In millions, except ratios)
(Unaudited)
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 94.1 | $ | 269.4 | $ | 207.1 | $ | 71.2 | $ | 121.5 | ||||||||||
Provision for (benefit from) income taxes | (37.3 | ) | 114.7 | 32.5 | 11.5 | 4.3 | ||||||||||||||
Equity in earnings of unconsolidated affiliate | (18.5 | ) | (15.2 | ) | (17.8 | ) | (1.7 | ) | (0.6 | ) | ||||||||||
Interest expense and related financing costs, including amortization of capitalized interest | 46.8 | 43.6 | 41.7 | 38.8 | 54.9 | |||||||||||||||
Estimated amount of rental expense deemed to represent the interest factor | 7.5 | 6.9 | 6.9 | 6.7 | 7.9 | |||||||||||||||
Income as adjusted | $ | 92.6 | 419.4 | 270.4 | 126.5 | 188.0 | ||||||||||||||
Combined fixed charges and preferred stock dividends: | ||||||||||||||||||||
Interest expense and related financing costs, including capitalized interest | $ | 46.9 | 43.6 | 41.3 | 38.9 | 54.5 | ||||||||||||||
Estimated amount of rental expense deemed to represent the interest factor | 7.5 | 6.9 | 6.9 | 6.7 | 7.9 | |||||||||||||||
Fixed charges | 54.4 | 50.5 | 48.2 | 45.6 | 62.4 | |||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 54.4 | 50.5 | 48.2 | 45.6 | 62.4 | ||||||||||||||
Ratio of earnings to fixed charges | 1.70 | 8.31 | 5.61 | 2.77 | 3.01 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.70 | 8.31 | 5.61 | 2.77 | 3.01 |
_______________________________________________________________________________
(1) | Grace preferred stocks were retired in 1996. |
1