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H.S. freshman Good
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EXHIBIT 12
CUMMINS INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three months ended |
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| March 30, |
| April 1, |
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| 2008 |
| 2007 |
| ||
| Millions | ||||||
Earnings | |||||||
Earnings before income taxes and minority interests | $ | 304 | $ | 227 | |||
Add: | |||||||
Fixed charges | 25 | 26 | |||||
Amortization of capitalized interest | 1 | 1 | |||||
Distributed income of equity investees | 15 | 18 | |||||
Less: | |||||||
Equity in earnings of investees | 62 | 33 | |||||
Capitalized interest | 2 | 1 | |||||
Earnings before fixed charges | $ | 281 | $ | 238 | |||
Fixed charges | |||||||
Interest expense | $ | 11 | $ | 16 | |||
Capitalized interest | 2 | 1 | |||||
Amortization of debt discount | 2 | - | |||||
Interest portion of rental expense (1) | 10 | 9 | |||||
Total fixed charges | $ | 25 | $ | 26 | |||
Ratio of earnings to fixed charges | 11.2 | 9.2 | |||||
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