EXHIBIT 12
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
(Dollars in Thousands)
| YEARS ENDED DECEMBER 31 | ||||||||||||||||||||
| 2008 (a) | 2007 (a) | 2006 (b) | 2005 (b) | 2004 (b) | ||||||||||||||||
| Pre-tax income from continuing operations (net of minority interest in net income) | $ | 337,443 | $ | 372,713 | $ | 279,756 | $ | 203,610 | $ | 148,569 | ||||||||||
| Add fixed charges computed below | 120,709 | 129,233 | 100,635 | 77,317 | 74,192 | |||||||||||||||
| Net adjustments for equity companies | (417 | ) | (868 | ) | (192 | ) | 96 | 461 | ||||||||||||
| Net adjustments for capitalized interest | (277 | ) | (723 | ) | (1,114 | ) | (567 | ) | (124 | ) | ||||||||||
| Consolidated Earnings Available for Fixed Charges | $ | 457,458 | $ | 500,355 | $ | 379,085 | $ | 280,456 | $ | 223,098 | ||||||||||
| Consolidated Fixed Charges: | ||||||||||||||||||||
| Interest expense per financial statements (c) | $ | 73,160 | $ | 81,383 | $ | 60,478 | $ | 41,918 | $ | 41,057 | ||||||||||
| Interest expense capitalized | 552 | 1,035 | 1,325 | 677 | 251 | |||||||||||||||
| Portion of rentals (1/3) representing a reasonable approximation of the interest factor | 46,997 | 46,815 | 38,832 | 34,722 | 32,884 | |||||||||||||||
| Consolidated Fixed Charges | $ | 120,709 | $ | 129,233 | $ | 100,635 | $ | 77,317 | $ | 74,192 | ||||||||||
| Consolidated Ratio of Earnings to Fixed Charges | 3.79 | 3.87 | 3.77 | 3.63 | 3.01 | |||||||||||||||
| (a) | Does not include interest related to FIN 48 obligations. |
| (b) | Pre-tax income from continuing operations (net of minority interest in net income) restated to reflect the Gas Technologies business group as a Discontinued Operation. Portion of rentals revised to include recurring short-term rentals in the Harsco Infrastructure Segment. |
| (c) | Includes amortization of debt discount and expense. |