Leggett & Platt, Incorporated and Subsidiaries | |||||||||||||||||||||||||||||
Computation of Earnings to Fixed Charges | Exhibit 12 | ||||||||||||||||||||||||||||
(Amounts in millions of dollars) | |||||||||||||||||||||||||||||
Nine Months | Twelve Months Ended | ||||||||||||||||||||||||||||
Ended | December 31, | ||||||||||||||||||||||||||||
9/30/2012 | 9/30/2011 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Pre-tax income from continuing operations including equity-method investment earnings (a) | $240.2 | $201.6 | $206.2 | $255.5 | $198.4 | $192.6 | $147.3 | ||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Interest expense (including amount capitalized) | 30.9 | 28.8 | 39.0 | 38.1 | 38.3 | 50.5 | 61.9 | ||||||||||||||||||||||
Portion of rental expense under operating leases representative of an interest factor (b) | 12.0 | 12.7 | 14.6 | 15.4 | 16.9 | 21.5 | 24.3 | ||||||||||||||||||||||
Amortization of capitalized interest | .7 | .7 | 1.0 | 1.0 | .9 | .8 | .8 | ||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Equity-method investment (earnings) loss | (.3 | ) | (.3 | ) | (.4 | ) | (.1 | ) | .6 | .1 | .1 | ||||||||||||||||||
Interest capitalized | (.5 | ) | (.3 | ) | (.7 | ) | (.4 | ) | (.9 | ) | (1.0 | ) | (1.0 | ) | |||||||||||||||
Total Earnings (c) | $ | 283.0 | $ | 243.2 | $ | 259.7 | $ | 309.5 | $ | 254.2 | $ | 264.5 | $ | 233.4 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness | $30.4 | $28.5 | $38.3 | $37.7 | $37.4 | $49.5 | $60.9 | ||||||||||||||||||||||
Interest capitalized | .5 | .3 | .7 | .4 | .9 | 1.0 | 1.0 | ||||||||||||||||||||||
Portion of rental expense under operating leases representative of an interest factor (b) | 12.0 | 12.7 | 14.6 | 15.4 | 16.9 | 21.5 | 24.3 | ||||||||||||||||||||||
Total Fixed Charges | $ | 42.9 | $ | 41.5 | $ | 53.6 | $ | 53.5 | $ | 55.2 | $ | 72.0 | $ | 86.2 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 6.6 | 5.9 | 4.8 | 5.8 | 4.6 | 3.7 | 2.7 |
(a) 2007 and 2008 amounts have been retrospectively adjusted to include noncontrolling interest.
(b) Estimated portion of rent expense representing interest.
(c) Earnings consist principally of income from continuing operations before income taxes, plus fixed charges less capitalized interest. Fixed charges consist principally of interest costs.