Exhibit (12)
Eastman Kodak Company
Computation of Ratio of Earnings to Fixed Charges
(in millions, except for ratios)
|
| Three Months |
| |
|
|
| ||
|
| (Restated) |
| |
Loss from continuing operations before income taxes |
| $ | (39 | ) |
Adjustments: |
|
|
|
|
Minority interest in income of subsidiaries with fixed charges |
|
| 1 |
|
Undistributed loss of equity method investees |
|
| 4 |
|
Interest expense |
|
| 44 |
|
Interest component of rental expense (1) |
|
| 13 |
|
Amortization of capitalized interest |
|
| 7 |
|
|
|
| ||
Earnings as adjusted |
| $ | 30 |
|
|
|
| ||
Fixed charges: |
|
|
|
|
Interest expense |
|
| 44 |
|
Interest component of rental expense (1) |
|
| 13 |
|
Capitalized interest |
|
| — |
|
|
|
| ||
Total fixed charges |
| $ | 57 |
|
|
|
| ||
Ratio of earnings to fixed charges |
|
|
| * |
(1) | Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
|
|
* | Earnings for the three months ended March 31, 2004 were inadequate to cover fixed charges. The coverage deficiency was $27 million. |
