Exhibit 12
Ratio of Earnings to Fixed Charges
| Nine Months Ended | ||||||||||||||||||||||||||
| September 30, | Years Ended December 31, | |||||||||||||||||||||||||
| (In Millions Except Ratios) | 2012 | 2011(a) | 2011(a) | 2010(a) | 2009(a) | 2008(a) | 2007(a) | |||||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||||
| Interest Expense, Including Amortization of Deferred Finance Fees | $ | 41 | $ | 2 | $ | 17 | $ | — | $ | — | $ | 2 | $ | 1 | ||||||||||||
| Interest Portion of Rental Expense (b) | 13 | 16 | 21 | 18 | 16 | 16 | 13 | |||||||||||||||||||
| Total Fixed Charges | 54 | 18 | 38 | 18 | 16 | 18 | 14 | |||||||||||||||||||
| Earnings Before Income Taxes, Discontinued Operations and Fixed Charges: | ||||||||||||||||||||||||||
| Pre-tax income (before income or loss from equity investees) | 296 | 297 | 379 | 387 | 277 | 313 | 276 | |||||||||||||||||||
| Fixed Charges | 54 | 18 | 38 | 18 | 16 | 18 | 14 | |||||||||||||||||||
| Total Earnings Available For Fixed Charges | 350 | 315 | 417 | 405 | 293 | 331 | 290 | |||||||||||||||||||
| Ratio of Earnings to Fixed Charges: | 6.5 | 17.5 | 10.9 | 22.7 | 18.9 | 18.9 | 20.9 | |||||||||||||||||||
(a) For all comparative periods presented above, these periods are prior to the Spin-off from ITT and the issuance of $1.2 billion aggregate principal amount of senior notes which were issued in September 2011. Interest on the Senior Notes accrues from September 20, 2011.
(b) Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor.