Exhibit 12
NewMarket Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
| Years Ended December 31, | |||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Earnings: | |||||||||||||||
Pretax income from continuing operations before discontinued operations and cumulative effect of accounting changes | $ | 88,143 | $ | 56,952 | $ | 44,630 | $ | 29,342 | $ | 13,269 | |||||
Interest expense (net) | 15,403 | 16,849 | 18,254 | 21,128 | 25,574 | ||||||||||
Portion of rent expense representative of interest factor | 5,787 | 5,636 | 6,438 | 5,650 | 4,738 | ||||||||||
Amortization of capitalized interest | 346 | 1,144 | 1,515 | 1,498 | 1,547 | ||||||||||
Adjusted pretax income from continuing operations | $ | 109,679 | $ | 80,581 | $ | 70,837 | $ | 57,618 | $ | 45,128 | |||||
Fixed Charges: | |||||||||||||||
Interest expense (before deducting capitalized interest) | $ | 15,624 | $ | 16,970 | $ | 18,441 | $ | 21,236 | $ | 25,687 | |||||
Portion of rent expense representative of interest factor | 5,787 | 5,636 | 6,438 | 5,650 | 4,738 | ||||||||||
Total fixed charges | $ | 21,411 | $ | 22,606 | $ | 24,879 | $ | 26,886 | $ | 30,425 | |||||
Ratio of earnings to fixed charges | 5.1 | 3.6 | 2.8 | 2.1 | 1.5 | ||||||||||