H.B. Fuller (FUL) S-3ASR Automatic shelf registration

Exhibit 12.1

Ratio of Earnings to Fixed Charges	Fiscal Year Ended
	December 3, 2016			November 28, 2015			November 29, 2014			November 30, 2013			December 1, 2012
Ratio of Earnings to Fixed Charges:
(dollars in thousands)
Earnings:
+ Pre Tax Income from Continuing Operations Before Adjustment for Income of Loss from Equity Investees		167,425			138,345			79,312			127,544			89,548
+ Fixed charges		31,964			28,962			26,813			24,856			23,279
+ Amortization of capitalized interest		520			513			377			281			273
+ Distributed income from equity investees		3,692			2,865			2,330			12,939			4,783
- Interest Capitalized		(752	)		(136	)		(2,725	)		(1,921	)		(151	)
- Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(329	)		(520	)		(483	)		(528	)		(320	)
Total Earnings:		202,520			170,029			105,624			163,171			117,412
Fixed Charges:
+ Interest expensed and capitalized		28,111			25,157			22,469			21,041			19,944
+ An estimate of the interest within rental expense		3,853			3,805			4,344			3,815			3,335
Total Fixed Charges:		31,964			28,962			26,813			24,856			23,279
Ratio of Earnings to Fixed Charges (1)		6.3			5.9			3.9			6.6			5.0

(1) The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, “earnings” consist of income from continuing operations before taxes plus fixed charges, plus amortization of capitalized interest (estimated using 20-year average amortization), plus distributed income from equity investments, less capitalized interest, less noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. “Fixed charges” consist of interest expensed (includes amortized premiums, discounts and capitalized expenses related to indebtedness) and interest capitalized, and interest included in rental expense on operating leases (estimated at 30% of lease expense).