Crown (CCK) 10-K2005 FY Annual report

Filed: 16 Mar 06, 12:00am

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EXHIBIT 12

CROWN HOLDINGS, INC.

COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(in millions)

		Twelve months		Twelve months
		ended		ended
		12/31/2005		12/31/2004

Computation of Earnings:

Income/(loss) from continuing operatons before income taxes, minority interests and equity earnings		($314	)	$104

Adjustments to income

	Add: Distributed income from less than 50% owned companies	9		11

	Add: Fixed charges, as presented below	379		380

	Subtract: Interest capitalized	(1	)	0

	Add: Amortization of interest previously capitalized	0		1



	Earnings	$ 73		$496



Computation of Fixed Charges:

	Interest incurred	$344		$338

	Interest capitalized	1		0

	Amortization of debt-related costs	17		23

	Portion of rental expense representative of interest (1)	17		19




	Total fixed charges	$379		$380



	Ratio of earnings to fixed charges (2) (3)	*		1.3


(1)	One-third of net rent expense is the portion deemed representative of the interest factor.

(2)	Earnings did not cover fixed charges by $306 in 2005.

(3)	Income/(loss) from continuing operations before income taxes, minority interests and equity earnings include: charges for asbestos of $10 and $35 in 2005 and 2004, respectively; charges for asset impairments and loss/gain on sale of assets of $10 and $47 in 2005 and 2004, respectively; losses from early extinguishments of debt of $383 and $39 in 2005 and 2004, respectively; and foreign exchange (gains)/losses of $94 and ($98) in 2005 and 2004, respectively.