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Content analysis
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8th grade Avg
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Exhibit 12
Carpenter Technology Corporation
Computations of Ratios of Earnings to Fixed Charges — unaudited
Five years ended June 30, 2003
(dollars in millions)
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| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
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Fixed charges: |
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Interest costs(a) |
| $ | 31.1 |
| $ | 34.9 |
| $ | 41.1 |
| $ | 39.4 |
| $ | 34.8 |
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Interest component of |
| 3.8 |
| 4.0 |
| 4.2 |
| 3.5 |
| 3.2 |
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Total fixed charges |
| $ | 34.9 |
| $ | 38.9 |
| $ | 45.3 |
| $ | 42.9 |
| $ | 38.0 |
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Earnings as defined: |
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Income (loss) before income taxes |
| $ | (22.9 | ) | $ | (13.3 | ) | $ | 58.4 |
| $ | 79.9 |
| $ | 55.8 |
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Less income from less-than-fifty- |
| (0.6 | ) | (0.4 | ) | (0.3 | ) | (1.1 | ) | — |
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Fixed charges less interest |
| 34.8 |
| 38.6 |
| 44.5 |
| 36.9 |
| 32.5 |
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Amortization of capitalized interest |
| 2.6 |
| 2.6 |
| 2.5 |
| 2.8 |
| 2.0 |
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Earnings as defined |
| $ | 13.9 |
| $ | 27.5 |
| $ | 105.1 |
| $ | 118.5 |
| $ | 90.3 |
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Ratio of earnings to fixed charges |
| 0.4x |
| 0.7x |
| 2.3x |
| 2.8x |
| 2.4x |
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(a) Includes interest capitalized relating to significant construction projects, and amortization of debt discount and debt issue costs.
(b) One-third of rental expense which approximates the interest component of non-capitalized leases.