EXHIBIT 12
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)
YEARS ENDED DECEMBER 31 | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||
| Pre-tax income from continuing operations (net of minority interest in net income) | $ | 221,521 | $ | 162,574 | $ | 128,707 | $ | 130,650 | $ | 113,195 | ||||||
| Add fixed charges computed below | 66,690 | 65,978 | 61,520 | 64,424 | 72,265 | |||||||||||
| Net adjustments for equity companies | 96 | 461 | 1,062 | (219 | ) | 2,747 | ||||||||||
| Net adjustments for capitalized interest | (567 | ) | (124 | ) | 14 | 121 | 152 | |||||||||
| Consolidated Earnings Available for Fixed Charges | $ | 287,740 | $ | 228,889 | $ | 191,303 | $ | 194,976 | $ | 188,359 | ||||||
| Consolidated Fixed Charges: | ||||||||||||||||
| Interest expense per financial statements (a) | $ | 41,918 | $ | 41,057 | $ | 40,513 | $ | 43,323 | $ | 53,190 | ||||||
| Interest expense capitalized | 677 | 251 | 101 | - | - | |||||||||||
| Portion of rentals (1/3) representing an interest factor | 24,095 | 24,670 | 20,906 | 20,972 | 19,075 | |||||||||||
| Interest expense for equity companies whose debt is guaranteed | — | — | — | 129 | — | |||||||||||
| Consolidated Fixed Charges | $ | 66,690 | $ | 65,978 | $ | 61,520 | $ | 64,424 | $ | 72,265 | ||||||
| Consolidated Ratio of Earnings to Fixed Charges | 4.31 | 3.47 | 3.11 | 3.03 | 2.61 | |||||||||||
| (a) | Includes amortization of debt discount and expense. |