Air Products and Chemicals (APD) 10-Q 2006 Q3 Quarterly report

Exhibit 12

AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)

																Nine
																Months
																Ended
	Year Ended 30 September															30 June
	2001			2002			2003			2004			2005			2006
Earnings:
Income from continuing operations	$	465.6		$	525.4		$	400.2		$	604.1		$	711.7		$	595.0
Add (deduct):
Provision for income taxes		196.2			247.5			154.0			232.5			269.4			230.2
Fixed charges, excluding capitalized interest		226.5			150.3			150.6			149.3			143.1			105.1
Capitalized interest amortized during the period		7.1			7.2			6.5			9.1			6.4			4.9
Undistributed earnings of less-than-fifty-percent-owned affiliates		(34.3	)		(42.8	)		(2.6	)		(31.1	)		(30.1	)		(37.0	)
Earnings, as adjusted	$	861.1		$	887.6		$	708.7		$	963.9		$	1,100.5		$	898.2
Fixed Charges:
Interest on indebtedness, including capital lease obligations	$	201.6		$	126.4		$	126.9		$	124.4		$	113.8		$	82.0
Capitalized interest		8.8			11.7			6.2			7.9			14.9			16.0
Amortization of debt discount premium and expense		5.6			2.2			2.1			1.4			4.1			3.9
Portion of rents under operating leases representative of the interest factor		19.3			21.7			21.6			23.5			25.3			19.3
Fixed charges	$	235.3		$	162.0		$	156.8		$	157.2		$	158.1		$	121.2
Ratio of Earnings to Fixed Charges(1):		3.7			5.5			4.5			6.1			7.0			7.4

⁽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).