ZEP (ZEP) 10-Q 2010 Q3 Quarterly report

Exhibit 12

Zep Inc.

Ratio of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred

Stock Dividends

(In thousands, except ratios)

	Fiscal Year Ended August 31,										Nine Months Ended May 31,		Three Months Ended May 31,
	2009		2008		2007		2006		2005		2010		2010
Income before Provision for Income Taxes	$	15,184	$	25,991	$	24,837	$	35,823	$	35,104	$	18,315	$	8,628
Additions:
Fixed charges		2,447		4,038		6,026		5,307		3,649		1,821		736
Total Earnings	$	17,631	$	30,029	$	30,863	$	41,130	$	38,753	$	20,136	$	9,364
Fixed Charges
Interest expense	$	1,791	$	3,081	$	5,218	$	4,641	$	2,935	$	1,312	$	563
Preferred stock dividends		—		—		—		—		—		—		—
Capitalized interest		—		—		—		—		—		—		—
Estimate of interest portion of rental expenses		656		957		808		666		714		509		173
Total Fixed Charges	$	2,447	$	4,038	$	6,026	$	5,307	$	3,649	$	1,821	$	736
Ratio of Earnings to Fixed Charges		7.2		7.4		5.1		7.8		10.6		11.1		12.7
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		7.2		7.4		5.1		7.8		10.6		11.1		12.7