Flowserve (FLS) 8-K Entry into a Material Definitive Agreement

EXHIBIT 12.1

Statement Regarding Computation of

Ratio of Earnings to Fixed Charges

	Year ended December 31,
(dollar amounts in thousands)	2014			2013			2012			2011			2010
EARNINGS:
Income from continuing operations before income taxes and noncontrolling interests	$	733,189		$	693,021		$	611,565		$	587,755		$	530,276
Fixed charges		84,205			79,172			67,704			59,742			56,660
Less:
Undistributed income from affiliates		(6,704	)		(18,922	)		(8,523	)		(5,200	)		(10,350	)
Non-controlling interest in pretax income of subsidiaries that have not incurred fixed charges		(297	)		(657	)		(515	)		(482	)		(173	)
Adjusted earnings	$	810,393		$	752,614		$	670,229		$	641,815		$	576,414
FIXED CHARGES:
Interest on indebtedness		60,322			54,413			43,520			36,181			34,301
Interest portion of rent expense		23,883			24,759			24,184			23,561			22,359
Total fixed charges	$	84,205		$	79,172		$	67,704		$	59,742		$	56,660
Ratio of earnings to fixed charges		9.6			9.5			9.9			10.7			10.2