NewMarket (NEU) 10-K 2017 FY Annual report

Exhibit 12

NewMarket Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

	Years Ended December 31,
(in thousands, except ratios)	2017		2016		2015		2014		2013
Earnings:
Income from continuing operations before income tax expense	$	315,442	$	343,208	$	338,971	$	339,099	$	341,311
Interest and financing expenses, net	21,856		16,785		14,652		16,567		17,796
Portion of rent expense representative of interest factor	10,966		11,061		11,202		10,082		8,541
Amortization of capitalized interest	739		545		391		371		339
Adjusted income from continuing operations before income tax expense	$	349,003	$	371,599	$	365,216	$	366,119	$	367,987
Fixed charges:
Interest and financing expenses (before deducting capitalized interest)	$	26,448	$	19,896	$	17,442	$	17,825	$	21,236
Portion of rent expense representative of interest factor	10,966		11,061		11,202		10,082		8,541
Total fixed charges	$	37,414	$	30,957	$	28,644	$	27,907	$	29,777
Ratio of earnings to fixed charges	9.3		12.0		12.8		13.1		12.4