Exhibit 12
Carpenter Technology Corporation
Computation of Ratios of Earnings to Fixed Charges - unaudited
Five Years Ended June 30, 2015
(dollars in millions)
Year Ended June 30, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Fixed charges: | |||||||||||||||||||||
Interest costs (a) | $ | 30.4 | $ | 32.1 | $ | 27.8 | $ | 25.0 | $ | 17.6 | |||||||||||
Interest component of non-capitalized lease rental expense (b) | 4.0 | 4.3 | 4.1 | 3.3 | 2.4 | ||||||||||||||||
Total fixed charges | $ | 34.4 | $ | 36.4 | $ | 31.9 | $ | 28.3 | $ | 20.0 | |||||||||||
Earnings as defined: | |||||||||||||||||||||
Income before income taxes | $ | 89.1 | $ | 196.4 | $ | 216.8 | $ | 188.6 | $ | 87.8 | |||||||||||
Less income from less-than-fifty-percent owned entities, and loss on sale of partial interest in less-than-fifty percent owned enmities | (0.1 | ) | (0.6 | ) | (1.3 | ) | (0.6 | ) | (2.6 | ) | |||||||||||
Noncontrolling interest in the income of subsidiary with fixed charges | — | — | (0.4 | ) | (0.4 | ) | (0.7 | ) | |||||||||||||
Fixed charges less interest capitalized | 31.7 | 21.3 | 25.1 | 27.1 | 19.5 | ||||||||||||||||
Amortization of capitalized interest | 1.4 | 1.4 | 1.5 | 1.8 | 2.6 | ||||||||||||||||
Earnings as defined | $ | 122.1 | $ | 218.5 | $ | 241.7 | $ | 216.5 | $ | 106.6 | |||||||||||
Ratio of earnings to fixed charges | 3.5x | 6.0x | 7.6x | 7.7x | 5.3x | ||||||||||||||||
(b) One-third of rental expense which approximates the interest component of non-capitalized leases.