Air Products and Chemicals (APD) 10-Q 2012 Q2 Quarterly report

Exhibit 12

AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Unaudited)

	Six Months Ended 31 March			Year Ended 30 September
(Millions of dollars)	2012			2011			2010			2009			2008			2007
Earnings: Income from continuing operations(1)	$	519.3		$	1,171.6		$	967.0		$	565.3		$	1,022.0		$	990.2
Add (deduct):
Provision for income taxes		142.6			390.8			321.0			159.9			343.4			268.6
Fixed charges, excluding capitalized interest		70.1			139.4			146.3			147.8			186.7			189.1
Capitalized interest amortized during the period		4.7			9.0			8.7			7.7			6.6			6.4
Undistributed earnings of less-than-fifty-percent-owned affiliates		(30.9	)		(38.9	)		(29.2	)		(44.2	)		(72.7	)		(61.2	)
Earnings, as adjusted	$	705.8		$	1,671.9		$	1,413.8		$	836.5		$	1,486.0		$	1,393.1
Fixed Charges:
Interest on indebtedness, including capital lease obligations	$	56.7		$	113.6		$	121.8		$	125.1		$	164.4		$	163.7
Capitalized interest		15.9			23.4			14.5			22.2			27.3			14.6
Amortization of debt discount premium and expense		3.5			5.6			5.6			4.7			4.0			4.1
Portion of rents under operating leases representative of the interest factor		9.9			20.2			18.9			18.0			18.3			21.3
Fixed charges	$	86.0		$	162.8		$	160.8		$	170.0		$	214.0		$	203.7
Ratio of Earnings to Fixed Charges(2):		8.2			10.3			8.8			4.9			6.9			6.8

(1) During the twelve months ended 30 September 2009, income from continuing operations included a charge of $298.2 ($200.3 after-tax) for the global cost reduction plan.

(2) The ratio of earnings to fixed charges is determined by dividing earnings, which includes income from continuing operations 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).