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Exhibit 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
Six months ended June 30, 2011 | ||||
Income from continuing operations before taxes on income | $ | 1,740 | ||
Adjustments: | ||||
Equity in earnings of equity affiliates | (826) | |||
Distributed income of equity affiliates | 389 | |||
Net income attributable to noncontrolling interests | (1) | |||
Fixed charges net of capitalized interest | 65 | |||
Earnings before taxes and fixed charges as adjusted | $ | 1,367 | ||
Fixed charges: | ||||
Interest expense | $ | 66 | ||
Portion of rent expense which represents an appropriate interest factor (a) | 15 | |||
Amortization of debt costs | 1 | |||
Total fixed charges | $ | 82 | ||
Ratio of earnings to fixed charges | 16.7x |
(a) | One-third of net rent expense is the portion deemed representative of the interest factor. |