Air Products and Chemicals (APD) 10-Q 2005 Q1 Quarterly report

Exhibit 12

AIR PRODUCTS AND CHEMICALS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)

																Three
																Months
																Ended
	Year Ended 30 September															31 Dec
	2000			2001			2002			2003			2004			2004
Earnings:
Income from continuing operations	$	124.2		$	465.6		$	525.4		$	400.2		$	604.1		$	166.8
Add (deduct):
Provision for income taxes		(7.5	)		196.2			247.5			154.0			232.5			66.9
Fixed charges, excluding capitalized interest		232.6			226.5			150.3			150.6			149.3			35.3
Capitalized interest amortized during the period		6.6			7.1			7.2			6.5			9.1			1.6
Undistributed earnings of less-than-fifty-percent-owned affiliates		(32.1	)		(34.3	)		(42.8	)		(2.6	)		(31.1	)		(3.2	)
Earnings, as adjusted	$	323.8		$	861.1		$	887.6		$	708.7		$	963.9		$	267.4
Fixed Charges:
Interest on indebtedness, including capital lease obligations	$	210.3		$	201.6		$	126.4		$	126.9		$	124.4		$	28.0
Capitalized interest		19.7			8.8			11.7			6.2			7.9			3.7
Amortization of debt discount premium and expense		3.1			5.6			2.2			2.1			1.4			1.5
Portion of rents under operating leases representative of the interest factor		19.3			19.3			21.7			21.6			23.5			5.8
Fixed charges	$	252.4		$	235.3		$	162.0		$	156.8		$	157.2		$	39.0
Ratio of Earnings to Fixed Charges(1):		1.3			3.7			5.5			4.5			6.1			6.9

⁽¹⁾ The ratio of earnings to fixed charges is determined by dividing earnings, which includes income before taxes, undistributed earnings of less than fifty percent owned affiliates, and fixed charges, by fixed charges. Fixed charges consist of interest on all indebtedness plus that portion of operating lease rentals representative of the interest factor (deemed to be 21% of operating lease rentals).