EXHIBIT 12
CRANE CO.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands)
06/30/2003 | 12/31/2002 | 12/31/2001 | 12/31/2000 | 12/31/1999 | 12/31/1998(1) | |||||||
Pre-tax income from continuing operations before adjustment for minority interest in consolidated subsidiaries or income from equity investees | 61,286 | 21,787 | 135,065 | 190,284 | 155,717 | 192,287 | ||||||
Fixed Charges: | ||||||||||||
Interest Expense and amortized premiums, discounts and capitalized expenses related to indebtedness | 8,085 | 16,899 | 21,187 | 21,564 | 27,854 | 27,661 | ||||||
Portion of interest within rental expense | 2,294 | 4,587 | 4,521 | 3,498 | 3,201 | 3,069 | ||||||
Preferred security dividend requirement of consolidated subsidiaries | 59 | 124 | 127 | 18 | 0 | 0 | ||||||
Total Fixed Charges | 10,438 | 21,610 | 25,835 | 25,080 | 31,055 | 30,730 | ||||||
Pre-tax income from continuing operations before adjustment for minority interest in consolidated subsidiaries or income from equity investees plus fixed charges, less preferred security dividend requirement of consolidated subsidiaries | 71,665 | 43,273 | 160,773 | 215,346 | 186,772 | 223,017 | ||||||
Ratio of earnings to fixed charges | 6.87 | 2.00 | 6.22 | 8.59 | 6.01 | 7.26 | ||||||
(1) | The 1998 ratio has been adjusted to reflect the spin-off of our Huttig Building Products, Inc. subsidiary in December 1999. |