Exhibit 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
Nine months ended September 30, 2010 | ||
Income from continuing operations before taxes on income (a) | $ | 2,656 |
Adjustments: | ||
Equity in earnings of equity affiliates | (1,447) | |
Distributed income of equity affiliates | 351 | |
Net income attributable to noncontrolling interests | (2) | |
Fixed charges net of capitalized interest | 97 | |
Earnings before taxes and fixed charges as adjusted | $ | 1,655 |
Fixed charges: | ||
Interest expense (b) | $ | 92 |
Portion of rent expense which represents an appropriate interest factor (c) | 16 | |
Amortization of debt costs | 1 | |
Total fixed charges | 109 | |
Capitalized interest | (12) | |
Total fixed charges, net of capitalized interest | $ | 97 |
Total fixed charges | $ | 109 |
Ratio of earnings to fixed charges | 15.2x |
(a) | Effective January 1, 2009, equity earnings are now included in income from continuing operations before taxes on income. |
(b) | Interest expense includes amortization expense for debt costs. |
(c) | One-third of net rent expense is the portion deemed representative of the interest factor. |